In a recent post on Truth Social, U.S. President Donald Trump threatened Venezuela to take back ‘prisoners and people from mental institutions,’ or else ‘the price you will pay will be incalculable.’ This was announced right when the U.S. military was deploying an array of Navy and Air Force units in the Eastern Caribbean, and even elite Special Operations forces, making the threat real.

After coming into office, the administration of President Donald Trump has eliminated licenses for oil companies to operate in Venezuela, despite initial hints that it would continue them, with presidential envoy Richard Grenell’s visits to Caracas.

An alleged list of companies that signed “productive participation contracts” (CPPs) with PDVSA was recently leaked. There has also been talk of a growing role for Chinese companies in Venezuela as U.S. sanctions intensify.

While Chevron was the main U.S. producer of Venezuelan oil, the product found a long list of buyers in the East Coast. These included fellow supermajors like ExxonMobil, Phillips 66 and Valero, according to the U.S. Energy Information Administration (EIA).

On 26 February, U.S. President Donald Trump announced his intention to end General License 41, which allowed Chevron to operate in Venezuela despite sanctions. Meanwhile, there are other “specific licenses” for oil and gas companies at risk.

It is 3 April, so any country buying Venezuelan oil must face a 25% tariff on all its trade with the United States. That is according to President Donald Trump’s executive order signed on 24 March. The White House has also ordered companies with sanctions waivers to quit Venezuela by 27 May, including Chevron, Repsol, and Maurel et Prom.

On Monday, Trump presented a brand-new policy tool to the world, “secondary tariffs.” That is, if other countries buy Venezuelan oil and gas, all of their trade with the U.S. will be subject to a 25% tariff. Venezuelan exports are not subject to tariffs, but the buyers are.

On 26 February, President Donald Trump said he intended to remove General License 41, which allows Chevron to operate in Venezuela despite sanctions.

Venezuela's crude oil production would have surpassed 1 million barrels per day (bpd) in January, according to numbers reported by OPEC—citing the local Ministry of Hydrocarbons.

CNN first reported that Richard Grenell was due to arrive in Caracas on Friday, to discuss a deal on deportations with Venezuela’s Nicolás Maduro.

The year 2024 was a rocky one for Venezuela’s oil sector. Production, investment, and exports grew, yet facing many challenges and uncertainty.

On 20 January, Richard Grenell announced on social media that he was speaking to “officials in Venezuela.” He added that “diplomacy is back,” and “talking is a tactic.”

On 10 January, Venezuela’s incumbent president Nicolás Maduro was sworn in for a third term, amidst accusations of electoral fraud.

Between 12 and 13 December, Caracas hosted Shenzhen University’s special economic zones forum. The Venezuelan government used the occasion to announce new plans for the two-year-old special economic zones regime.

On Tuesday, Vice President Delcy Rodriguez presented a $22.7 billion national budget for 2025 at the National Assembly.

Venezuela would be discreetly launching a mass privatisation programme, according to various sources who claim to have information on the matter.

On Wednesday, Venezuela’s Vice President Delcy Rodriguez and PDVSA CEO Hector Obregon outlined plans for the sector at the Cámara Petrolera’s 2024 conference.

On 28 October, Minister of Industry Alex Saab said that Venezuela should pursue a policy of import substitution, and also aim to be a leading exporter in the region.

The United Nations Development Programme has upgraded its growth forecast for Venezuela this year, in its Second Quarter report published on 7 October.

A court in Trinidad and Tobago approved sending PDVSA payments from the island nation to ConocoPhillips, to cover the $1.33bn claim against the Venezuelan state-owned oil company.