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5 things to know about Venezuela's oil industry, US involvement

By CP Staff

4. US sanctions heavily impacted operations

After being captured last Saturday during an early-morning raid in the Venezuelan capital of Caracas, Maduro was extradited to New York City, where he and his wife, Cilia Flores, will face trial on charges that include drug trafficking and narco-terrorism conspiracies.

Under his government and that of his predecessor, Hugo Chávez, Venezuela's energy sector declined amid steep U.S. sanctions, which since 2019 have restricted Venezuela's oil exports and hampered PDVSA's revenues, significantly reducing production.

Chevron's license, which was extended and modified under recent administrations, offered an exemption from sanctions but prevented profits from going to the Venezuelan government.

In 2022, under the Biden administration, the U.S. government began granting exemptions from sanctions to Venezuela, which allowed more of its oil into the global market.

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