The Trump administration is withholding approval for several Western oil majors seeking to operate in Venezuela, ramping up pressure on Nicolás Maduro’s government even as Chevron Corp. is allowed to work there, according to people familiar with the matter.
The pause is focused on non-U.S. firms, leaving companies including Spain’s Repsol SA, Italy’s Eni SpA and France’s Maurel & Prom in limbo, said the people, who requested anonymity as the matter is private. It underscores a delicate balancing act in Washington as officials weigh competing geopolitical, financial and energy considerations. Last month, the Treasury Department granted approval for Chevron to resume producing and exporting Venezuelan oil.
President Donald Trump has taken a tough stance against Maduro, but he’s also trying to keep a lid on energy prices, even as he pressures Iran to end its nuclear program and Russia to end the war in Ukraine. Late last month, the Treasury Department imposed its most sweeping sanctions on Tehran in seven years.
Washington’s policy towards Venezuelan oil has fluctuated dramatically in the months since Trump returned to office, with Secretary of State Marco Rubio among those advocating for a hawkish approach while Special Envoy Richard Grenell has backed a strategy that’s been more receptive to US business interests.
The Treasury Department declined to comment immediately, and the State Department and White House’s National Security Council didn’t respond to requests for comment. Repsol, Eni and Maurel & Prom didn’t reply to requests for comment.
