Caracas announced on Sunday evening (3/30/25) that the U.S. government had revoked licenses previously granted to international oil and gas companies, allowing them to operate in Venezuela despite sanctions and an oil embargo aimed at ousting President Nicolas Maduro from power. While Venezuela’s announcement did not name specific companies, experts suggest European firms Repsol (Spain) and Maurel & Prom (France) were among those affected after Chevron’s license was revoked in late February. Venezuelan Vice President Delcy Rodriguez stated via Facebook that these companies had been informed by the U.S. government about the revocation. She emphasized Venezuela’s readiness to honor its contractual obligations with these firms under national laws, asserting that multinational corporations do not require approval from any foreign government. However, companies violating the embargo or U.S. directives risk facing penalties from Washington. The move follows President Trump’s decision to revoke Chevron’s special license, which allowed it to continue operations in Latin America despite sanctions. Trump aims to economically suffocate Venezuela to pressure Maduro into resigning, threatening countries buying oil from Venezuela with a 25% tariff increase on exports to the U.S. Despite holding the world’s largest proven oil reserves, Venezuela’s production has plummeted due to mismanagement and U.S. sanctions.