U.S. President Donald Trump said in a statement on Wednesday that he is canceling concessions made to Venezuela by former President Joe Biden two years ago.
In a Truth Social posting, Trump said he was “reversing the concessions” under the “oil transaction agreement, November 26, 2022.” That accord permitted Chevron to open up its operations in Venezuela and send the nation’s crude oil to the United States.
Even though Trump did not mention Chevron specifically in his tweet, the 2022 license issued to the energy giant was the sole one issued by the Biden administration for Venezuela on that day. The White House and the US State Department have yet to comment on whether the ruling directly impacts Chevron’s license. The company has not made any statement as well.
Venezuelan President Nicolás Maduro has continued to stand against US sanctions, which he calls illegitimate and efforts to undermine the country’s economy. Although economic woes persist, Maduro and the government have argued that Venezuela remains strong in spite of global bans, but at the same time, accused sanctions of creating shortages and economic problems.
