WASHINGTON — President Donald Trump has cancelled Chevron’s license to produce and export oil in Venezuela — a second time — according to a noted Greek economist speaking on social media.
The move, which took effect on November 24, 2025, comes as the Trump administration has essentially blockaded Venezuela with 11 warships and 15,000 troops in the Caribbean Sea, the economist said.
Yanis Varoufakis, on “The Sharpline” YouTube channel, said that Venezuela was producing 3.5 million barrels of oil per day in the “late 1990’s,” to “barely” 700,000 barrels per day today — “an 80 percent decline in production capacity.”
Varoufakis also said Chevron was the only legal source of Venezuelan crude oil up until Trump pulled the Chevron “permit” seven days ago.
“Without their (Chevron’s) technical expertise and capital investment we’re looking at further production declines of potentially 30 to 40 percent within the next 12 months,” Varoufakis said.
Chevron does business in Venezuela through several joint ventures in coordination with the state-owned company, Petróleos de Venezuela, S.A. (PDVSA).
These joint ventures include Petroboscán, Petroindependiente, Petropiar, and Petroindependencia.
The license in question was originally granted by the Biden administration on November 26, 2022, to allow Chevron to operate in Venezuela’s oil sector amid sanctions.
Trump originally revoked Chevron’s license on February 26, 2025, citing Maduro’s failure to implement electoral reforms and facilitate migrant deportations.
This led to a wind-down of Chevron’s operations, effective March 1, 2025, and affected about 25 percent of Venezuela’s oil production at the time.
Later developments included a short-lived resumption and potential extensions, but nothing tied to November 2025.
