President Donald Trump has revoked the licenses that allowed several transnational oil and gas companies to operate in Venezuela despite the country being under US sanctions.

After US energy giant Chevron, Washington has ordered a handful of other energy firms, including Spain's Repsol and France's Maurel & Prom, to cease operating in Venezuela.

Trump, who is seeking to force out authoritarian President Nicolas Maduro, has also announced plans for 25 percent tariffs on imports from any country buying Venezuelan oil and gas.

What's next for the struggling Caribbean country, which has the world's largest-known oil reserves but has become increasingly isolated since July 2024 elections that President Nicolas Maduro is accused of stealing?

In 2019, during his first term in office, Trump imposed an embargo on Venezuelan oil in response to 2018 elections that were already marred by fraud........

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