Weekend: Trump revoked permits and waivers allowing Western firms to operate in Venezuela

Trump rescinded permits and waivers that had allowed several Western energy firms to operate in Venezuela, further tightening pressure on President Nicolás Maduro’s regime.

• Affected companies include U.S.-based Global Oil Terminals—led by energy magnate Harry Sargeant III (a staunch Trump supporter) —as well as Spain’s Repsol and France’s Maurel et Prom, all of which must cease operations in the country by May 27.
• The decision also impacts Venezuelan gas firms working with PDVSA, the state oil company. Global Oil Terminals must halt financial dealings with PDVSA by April 2 and settle outstanding payments.

The move is part of Washington’s broader effort to increase economic pressure on Maduro and push for democratic reforms, following similar orders recently given to Chevron.

Bloomberg had the report over the weekend, citing “three people familiar with the issue said Saturday”.

This article was written by Eamonn Sheridan at www.forexlive.com.