Facilities of Global Oil Management Group LLC in Emmastad, Curaçao, one of the main destinations for Venezuelan asphalt exported by the company. Photo: Global Oil Management Group LLC.
Guacamaya, March 29, 2025. The United States government has ordered Global Oil Terminals, a company owned by oil magnate and Republican donor Harry Sargeant III, to cease its operations in Venezuela by May 27, according to The Wall Street Journal. This decision is part of a broader White House strategy to revoke licenses for oil companies operating in the South American country, aiming to isolate Maduro’s government.
The measure makes Global Oil the second U.S. oil company to lose authorization to operate in Venezuela, following the announcement against Chevron, whose license was revoked last month. Since May 2024, Global Oil Terminals had been regularly transporting heavy Venezuelan crude oil, primarily used for paving roads in the United States.
In January 2025, exports of AC-30, a type of asphalt cement, through Global Oil reached 525,000 barrels, an increase of 112% compared to the previous month. It is worth noting that the original license allowed Global Oil to purchase heavy crude (mainly asphalt) from Pdvsa, which was then sent to the United States, Curaçao, and other Caribbean countries for processing.
Consequently, the departure of Global Oil puts Venezuelan asphalt trade at risk, a resource that is strategic for U.S. infrastructure.
The Treasury Department has demanded that all pending payments to Venezuelan entities be completed by Wednesday, implying an immediate withdrawal. According to statements by Sargeant to The Wall Street Journal, the tight deadline represents a significant logistical challenge.
Guacamaya had access to the notification sent to Global Oil, which is shared in full below:
The measure marks a new chapter in U.S. policy toward the South American country, following a brief attempt at diplomatic rapprochement earlier this year. In parallel, Trump has issued an executive order imposing a 25% tariff on any country purchasing Venezuelan oil, a measure that has already led buyers like India’s Reliance Industries to manage their withdrawal.
