The U.S. Department of the Treasury announced this Sunday that it is moving forward with plans to end the licenses that currently allow oil companies to operate in Venezuela. This measure strengthens the sanctions strategy against Nicolás Maduro’s regime and signifies a shift in Washington’s policy toward greater economic pressure.
In a statement published on its website, the Office of Foreign Assets Control (OFAC) confirmed that it is preparing the necessary measures to revoke General License 41, along with other specific authorizations related to the Venezuelan energy sector. According to OFAC, additional guidance will be issued in the coming days to clarify the steps to take and facilitate the implementation of the new restrictions.
Economic Impact
The revocation of General License 41 and other authorizations related to the energy sector could reduce Venezuelan oil production by approximately 300,000 barrels per day, accounting for about 25% of its current output. This would lead to a significant decrease in oil export revenues, which are the primary source of foreign currency for Nicolás Maduro’s regime.
Consequences for Foreign Companies
Companies like Chevron, the primary beneficiary of these licenses, will be required to halt their operations in Venezuela sooner than anticipated. Other international firms, such as Repsol and ENI, may also be impacted by this decision.
Impact on the Venezuelan Economy
Experts warn that this measure could result in a significant contraction of the Venezuelan GDP, with estimates ranging from 3.8 to 7.5 percentage points, depending on the extent of the reduction in oil production. Additionally, an increase in the dollar exchange rate is expected due to the reduced supply of foreign currency in the exchange market.
The Trump Administration’s Pressure Tactics on Maduro’s Regime
The tightening of sanctions could further deepen the economic crisis in Venezuela, which has already lost 80% of its economic size during Maduro’s regime.