Trump Revokes Permits for U.S. And Foreign Oil Firms in Venezuela

The Trump administration has revoked permits and waivers that allowed Western energy firms to operate in Venezuela, three people familiar with the matter said.

Global Oil Terminals has been ordered to halt all financial transactions with PDVSA by April 2 and to settle any outstanding payments for asphalt oil purchases. I Photo: Global Partners LP

The move further isolates Venezuelan President Nicolás Maduro from the global oil market, Bloomberg News reported.

The decision affects several companies, including U.S. oil firm Global Oil Terminals, led by energy magnate Harry Sargeant III. Spain’s Repsol and France’s Maurel et Prom are among the other companies that must wind down their operations in Venezuela by May 27, sources said.

The revocation also targets licenses issued to Venezuelan gas companies holding deals with the state petroleum company, PDVSA. Earlier, Maduro had called U.S. Secretary of State Marco Rubio an "imbecile" following Rubio’s visit to neighboring Guyana.

The U.S. Treasury Department had previously issued various permits to international oil and gas companies.

Included were licenses, waivers, and letters of comfort—allowing them to conduct limited operations in Venezuela, such as exporting PDVSA’s oil, despite ongoing sanctions.

Global Oil Terminals has been ordered to halt all financial transactions with PDVSA by April 2 and to settle any outstanding payments for asphalt oil purchases. According to The Wall Street Journal, Sargeant’s oil-trading company received a letter from the Treasury Department late Friday, ordering it to cease operations in Venezuela.