Trump Imposes Tariffs on Countries Buying Venezuelan Oil and Gas; Chevron Seeks Extension for Operations
President Donald Trump has announced a 25% tariff on countries that continue to purchase oil and gas from Venezuela, effective immediately. This move, reported by Reuters on March 24, 2025, marks a significant escalation in U.S. policy towards Venezuela amid ongoing tensions. The decision comes as part of broader economic sanctions against the Maduro government, aiming to pressure international buyers to disengage from Venezuelan resources.
Concurrently, Bloomberg reported that the U.S. has extended the deadline for Chevron Corporation to wind down its operations in Venezuela. Originally set to conclude earlier, the new deadline provides Chevron with additional time to comply with U.S. sanctions without immediate cessation of activities. Chevron's CEO has been actively lobbying for more time, as noted by The Wall Street Journal, indicating the complexity of fully disengaging from Venezuela's oil sector.
There are indications from Fox News that the White House might reverse an earlier decision to kill an oil deal between President Biden and Venezuelan President Nicolás Maduro, opting instead to apply tariffs. This policy shift reflects the ongoing diplomatic and economic maneuvering between the U.S. and Venezuela.
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