Latin America

Eugene

(65,088 posts) Mon Mar 31, 2025, 12:10 PM Mar 31

France's M&P, Spain's Repsol say Venezuela oil licences revoked by US

Source: Reuters

France's M&P, Spain's Repsol say Venezuela oil licences revoked by US

Reuters
Mon, March 31, 2025 at 2:26 AM EDT 2 min read

(Reuters) -French oil group Maurel et Prom said on Monday that the United States had revoked its licence to operate in Venezuela, sending its shares plunging 15% in early trade.

Reuters reported on Saturday citing sources that the Trump administration had notified foreign partners of Venezuelan state oil firm PDVSA of the imminent cancellation of authorisations that allowed them to export Venezuelan oil and byproducts.

Spanish oil company Repsol was also notified that its licence had been revoked, it said on Monday, prompting Foreign Minister Jose Manuel Albares to say that his government would defend the interests of the firm.

Italy's Eni confirmed on Sunday that it was also notified by U.S. authorities that it would no longer be allowed to receive oil from PDVSA as payment for gas it produces in Venezuela.

-snip-

Read more: https://finance.yahoo.com/news/us-revokes-french-oil-group-062617637.html

6 replies

= new reply since forum marked as read

Highlight:

France's M&P, Spain's Repsol say Venezuela oil licences revoked by US (Original Post) Eugene Mar 31 OP

WTF? How does the US revoke their licenses to operate on Venezuela? surfered Mar 31 #1

Explained later in the article, Venezuelan oil is under U.S. sanctions and is contraband without a waiver granted. Eugene Mar 31 #3

Thanks surfered Mar 31 #6

When did Venezuela become a part of the US? sinkingfeeling Mar 31 #2

The licenses were exemptions to U.S. Treasury foreign asset sanctions on Venezuela. Eugene Mar 31 #5

I wonder how this will effect Russia Nictuku Mar 31 #4

surfered

(6,801 posts)

1. WTF? How does the US revoke their licenses to operate on Venezuela?

Reply to Eugene (Original post)

Mon Mar 31, 2025, 12:15 PM

Mar 31

And aren’t France, Spain, and Italy NATO partners?

Eugene

(65,088 posts)

3. Explained later in the article, Venezuelan oil is under U.S. sanctions and is contraband without a waiver granted.

Reply to surfered (Reply #1)

Mon Mar 31, 2025, 12:23 PM

Mar 31

Unlicensed refiners are subject to getting locked out the banking system by U.S. Treasury.

surfered

(6,801 posts)

6. Thanks

Reply to Eugene (Reply #3)

Mon Mar 31, 2025, 01:27 PM

Mar 31

sinkingfeeling

(55,187 posts)

2. When did Venezuela become a part of the US?

Reply to Eugene (Original post)

Mon Mar 31, 2025, 12:21 PM

Mar 31

Eugene

(65,088 posts)

5. The licenses were exemptions to U.S. Treasury foreign asset sanctions on Venezuela.

Reply to sinkingfeeling (Reply #2)

Mon Mar 31, 2025, 12:33 PM

Mar 31

The refiners could face U.S. Treasury sanctions themselves for trading in contraband.

Nictuku

(4,212 posts)

4. I wonder how this will effect Russia

Reply to Eugene (Original post)

Mon Mar 31, 2025, 12:31 PM

Mar 31

... seems like most things he is doing these days helps Russia. Will Russia fill the void of Venezuela's void somehow?

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