Venezuela’s economic conditions have repeatedly undercut the ability of its military to maintain the planes in its fleet.

The Trump administration has made overtures to a country that Rubio has railed against during most of his career, especially in relation to Russia's backing of countries like Cuba.

The move — announced by Trump in a Truth Social post last week — will be a major blow to Venezuela. Chevron produces about a fifth of Venezuela’s crude annually, according to analysts at the Rystad Energy research firm, and losing the ability to export to the U.S. will be a blow to the country’s already floundering economy.

He is in a very difficult position because his long-held beliefs are not the ones he has been tasked to defend now.”

Iranian oil sellers risk facing significant hurdles moving their cargoes out of the country as competition for unsanctioned tankers from Russia and Venezuela intensifies, according to analytics firm Kpler.

Copyright 2025 The Associated Press. All Rights Reserved. Chevron President in Venezuela, Javier La Rosa, left, attends a signing agreement ceremony between Venezuela ...

Oil prices jumped Thursday as traders assessed the impact of potential tariffs on Canadian oil imports after President Trump said levies against Canada and Mexico would go into effect next week, adding to supply worries following the announced cancelation of Chevron's license to operate in Venezuela.

Since it first imposed sanctions on Venezuela's energy sector in 2019, the United States has granted individual licenses to some oil companies that allow them to export the South American country's oil to specific destinations.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.