The cancellation of the oil license granted to Chevron during the Biden administration will deprive Maduro’s government of the funds it needs to finance itself, stated opposition leader María Corina Machado in an interview with the Financial Times. Photo: Levin García.
Guacamaya, March 6, 2025. Opposition leader María Corina Machado celebrated the revocation of the “Chevron License,” denouncing that the revenues generated by the oil company were used to finance Maduro and members of his government instead of being invested in the welfare of the Venezuelan people.
In an interview with The Financial Times, Machado stated, “The regime used the money that belonged to the Venezuelan people to fund repression against the Venezuelan people.”
Speaking from hiding, the opposition leader assured the British newspaper that the revocation represents a “dramatic change” and emphasized that “The new Trump administration now poses a much greater threat to Maduro.”
The decision by President Donald Trump shakes the foundations of the Venezuelan oil industry by revoking the energy giant’s permit to operate in the South American country. The measure, announced this week, forces the company to cease its operations within 30 days, dealing a severe blow to Venezuelan crude production, which could be reduced by approximately 25%.
Trump justified the decision by arguing that Nicolás Maduro’s government has not met the “electoral conditions” demanded by the United States. The move marks an abrupt shift in U.S. policy toward Venezuela, reversing a decision made during the Biden administration.
However, according to estimates by Caracas-based consulting firm Ecoanalítica, the Chevron license generated revenues of up to $4.5 billion for the Venezuelan government. The revocation of this license raises serious questions about the future of the Venezuelan oil industry and its impact on the country’s economy, which is already mired in a deep crisis.
The U.S. decision has sparked varied reactions both internationally and domestically in Venezuela. While some sectors express concern over the potential humanitarian impact on the Venezuelan population, others, led by María Corina Machado, support the measure as a way to pressure Maduro’s government to implement democratic reforms. Within the Venezuelan opposition itself, leaders such as Henrique Capriles and Manuel Rosales have criticized the U.S. move and questioned why their allies have celebrated it.
The future of the Venezuelan oil industry and its impact on national politics remain uncertain. The revocation of Chevron’s license marks a new chapter in the complex relationship between the United States and Venezuela, and its implications will be felt in the coming months, according to several experts.
