President Donald Trump says he is reversing a Biden-era grant allowing Chevron to operate within Venezuela on Wednesday.
Trump detailed the decision in a lengthy post on Truth Social, stating that Venezuelan President Nicolas Maduro had not upheld his end of the bargain.
“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with Electoral conditions within Venezuela, which have not been met by the Maduro regime,” Trump wrote.
“Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ U.S.A.) back to Venezuela at the rapid pace that they had agreed to,” he added.
“I am therefore ordering that the ineffective and unmet Biden “Concession Agreement” be terminated as of the March 1st option to renew. Thank you for your attention to this matter!” Trump continued.
Venezuelan Vice President Delcy Rodriguez described the decision as “inexplicable” in a statement on Telegram, arguing it was a “failed decision.”
“The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron,” Rodriguez said.
U.S. Secretary of State Marco Rubio later said on X that he will provide foreign policy guidance to terminate all Biden-era oil and gas licenses “that have shamefully bankrolled the illegitimate Maduro regime.”
Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country’s entire oil output.
