Due to US sanctions, sales of Venezuelan oil to Europe stopped
The European Union Trade Representative announced in Venezuela that the bloc’s imports from Venezuela crude oil will stop in 2025, after its largest decline since 2024, following the decision The United States canceled the licenses that allowed European oil companies to operate there despite the embargo.
US President Donald Trump is increasing pressure on Venezuela as part of his efforts to overthrow President Nicolas Maduro through economic sanctions, and has also strengthened the American military presence in the Caribbean, officially as part of an anti-drug operation.
The Venezuelan oil embargo has been in effect since 2019, but Washington eased it in 2023 through licenses that allowed the work to continue.
Then Trump revoked all of those licenses in May, except for a new exemption granted to a company "Chevron" American oil companies in July with some restrictions.
Venezuela’s refining problems
European oil companies have not officially announced whether they have obtained new conditions to continue their operations in Venezuela.
Jaime Luis Socas, European trade representative in Caracas, said that European Union imports of Venezuelan oil will decline by 75% this year, from 1.535 billion euros in 2024 to 383 million in 2025.
Venezuela suffers from chronic refining problems that have led to a recurring shortage of diesel and gasoline, which prompts it to import naphtha (used in fuel production) from European companies.
The value of these imports amounted to 72 million euros, a decrease of 76 million from 2024, and imports of petroleum derivatives used in fuel production fall within the framework of easing the embargo that coincided with political negotiations in 2025. 2023.
US licensing scenarios
In 2026, Socas expects a 35% rise in European naphtha sales to Venezuela, compared to a 78.8% decline in crude oil imports.
He said during a forum in Caracas. "There may be sporadic shipments to Europe, but this will depend on US licensing scenarios for European operators active in the Venezuelan oil industry."
Socas pointed out that the decline in oil imports reflects on Venezuela’s purchasing power and leads to a decrease in European Union exports to it, including medicines, machinery, spare parts, electrical equipment, plant preparations, and others.
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