Venezuela’s President Maduro seeks foreign oil companies after Chevron exits due to Trump-sanctioned restrictions. The loss of Chevron, which produces 25% of Venezuela’s oil, poses economic challenges as remaining firms reconsider their operations. Maduro accuses the U.S. of pressuring other countries to withdraw, highlighting geopolitical strains.
Venezuelan President Nicolas Maduro is actively seeking to attract foreign oil companies to compensate for the exit of Chevron Corp., an American oil firm. Chevron has ceased its operations in Venezuela following the revocation of its license by U.S. President Donald Trump, which restricts its ability to market Venezuelan crude. Currently, Chevron holds a significant stake, producing nearly 25% of Venezuela’s oil, thus playing a crucial role in the nation’s economic framework.
In light of Chevron’s departure, Maduro is attempting to entice other foreign firms to fill the operational vacuum. However, firms that remain in Venezuela are now reassessing their positions due to potential sanctions from the Trump administration, prompting them to consider withdrawing as well. Maduro has openly criticized the United States for allegedly persuading other nations to cease their operations in Venezuela, claiming these efforts are meant to undermine the nation’s economy.
Maduro’s outreach to foreign oil companies follows Chevron’s exit, which leaves a significant gap in Venezuela’s oil production. As foreign firms reconsider their presence in Venezuela amid U.S. sanctions, Maduro’s accusations against the U.S. reflect ongoing geopolitical tensions. The situation indicates a critical juncture for Venezuela’s oil industry and economy, heavily reliant on foreign investment.
Original Source: www.firstpost.com
