The administration of President Donald Trump has revoked export permits for Repsol and several other Western oil companies operating in Venezuela, effective immediately.

This action has been officially communicated to the Spanish government, which has informed affected companies that they have until the end of May to conclude their operations in the country.

The revocation also impacts other firms, including American Global Oil Terminals, Italian Eni, French Maurel & Prom, and Indian Reliance Industries, who had been granted temporary licenses to engage in oil trade with Venezuela’s state-owned PDVSA.

These licenses had initially been approved under President Joe Biden's administration to provide some operational flexibility as Venezuela responded to previous sanctions linked to Russia.

However, Trump's administration has taken a more stringent stance, reflecting heightened efforts to exert economic pressure on President Nicolás Maduro's regime.

Prior to this revocation, Repsol was heavily invested in Venezuela, with exposure valued at approximately €504 million, according to its 2024 financial reports.

The company has operated in Venezuela since 1993 and has been pivotal in several joint projects with PDVSA, including the Petroquiriquire company, which focuses on oil production in key fields.

In 2024, Repsol processed an average of 67 million barrels per day in Venezuela, significantly relying on crudes from PDVSA.

The decision to revoke these permits follows the imposition of a 25% tariff on countries importing Venezuelan oil and gas, marking a significant escalation in the US's economic isolation strategy towards Venezuela.

In February, Venezuela exported approximately 910,000 barrels of crude and fuel daily, an increase from 867,000 barrels in January.

Eni has confirmed receipt of the notification about the cancelation of its export licenses from Venezuela and stated that it continues discussions with US authorities regarding operational options that comply with international sanctions while ensuring necessary gas supplies.

As part of this intensified campaign to isolate Venezuela, Trump has also revoked a crucial operating license from Chevron, requiring that company to dismantle its installations in the country.

Although Chevron has been granted an extension to wind down its operations until May 27, the overall atmosphere remains tense for foreign investors as the US government tightens its grip on economic dealings related to Venezuela.

Concerns have been raised that the loss of these export licenses may push Maduro's administration towards closer relationships with Russian and Chinese oil companies to sustain its regime financially.

Approximately a quarter of Venezuela’s population, nearing eight million people, has fled the country amid economic collapse and repression, with a significant number now residing in other Latin American nations.

The most recent census indicates that nearly one million Venezuelans live in the United States.