FILE - Venezuelan President Nicols Maduro attends a meeting at Miraflores presidential palace in Caracas, Venezuela, Feb. 20, 2024. Maduro on April 16, 2024, ordered the closure of his countrys embassy and consulates in Ecuador in solidarity with Mexico in its protest over a raid by Ecuadorian authorities on the Mexican embassy in Quito.
It's unclear what impact the snapback would have on Venezuela’s long floundering oil and gas industry — or whether it will pressure Maduro to offer a more level electoral playing field. Additionally, the stiffening of sanctions doesn’t directly impact Chevron, the last major U.S. oil driller in Venezuela, which was allowed to boost shipments thanks to a license it was issued in 2022 amid concerns that Russia’s invasion of Ukraine would disrupt global energy supplies.
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