Former US President Donald Trump announced on Wednesday that he is revoking concessions granted to Venezuela under an oil agreement signed by his predecessor, Joe Biden.
In a post on Truth Social, Trump stated that he has ordered the termination of the oil deal, effective from its renewal option on March 1.
He accused Venezuelan President Nicolás Maduro’s government of failing to meet democratic election conditions set in July 2023 and not acting swiftly to repatriate Venezuelan migrants facing deportation from the US
Trump’s decision will end the authorization granted to energy giant Chevron, which allowed the company to pump and export Venezuelan oil.
This move cuts off a critical financial lifeline for Caracas. Currently, Chevron exports around 240,000 barrels per day from its Venezuela unit—over a quarter of the country’s total oil production. Without the license, the company will no longer be able to ship Venezuelan crude.
Maduro’s administration has consistently denounced US sanctions as illegal economic warfare aimed at crippling Venezuela.
While officials praise the country's resilience in overcoming restrictions, they also blame the sanctions for economic struggles and supply shortages.
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