(Reuters) – The U.S. government is preparing to impose new measures as soon as next week to stifle Venezuela’s oil exports, including a move not to renew Chevron Corp’s (CVX.N) license to do business with state-run company PDVSA, sources familiar with the matter said.
FILE PHOTO: The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. REUTERS/Marco Bello
The United States imposed harsh sanctions on Venezuela in early 2019, in an effort to oust socialist President Nicolas Maduro, whose 2018 re-election was considered a sham by most Western countries.
Venezuela’s oil exports have dropped by one-third since then, but more than a year on, Maduro remains in power, backed by Venezuela’s military as well as Russia, China and Cuba.
Frustrated by the socialist leader’s grip on power, the Trump administration has increased pressure on Venezuela’s oil industry in recent weeks.
The U.S. Treasury Department last month blacklisted Geneva-based Rosneft Trading, a unit of Russia’s oil giant Rosneft (ROSN.MM), for conducting business with PDVSA and warned global energy firms that more such measures were expected.
Now, U.S. officials are targeting oil-for-fuel swaps and loan repayments through oil deliveries,