President Donald Trump announced that he is reversing oil-related concessions granted to Venezuela by the Biden administration, citing the "regime" is not taking back "violent criminals" at the agreed-upon speed.
In November 2022, the Biden administration eased oil sanctions on Venezuela, allowing Chevron to resume limited oil extraction in the country, according to Reuters. This move was part of a broader diplomatic effort to encourage democratic reforms in Venezuela and facilitate humanitarian aid.
As political conditions in Venezuela remained unchanged, former President Joe Biden reinstated broad sanctions in April 2024, though he left the Chevron license in place.
On Wednesday, Trump made the announcement via Truth Social, stating that he was terminating what he called the "ineffective and unmet Biden 'Concession Agreement'" as of its March 1 renewal option.
He claimed that Nicolás Maduro's government had not adhered to promised electoral reforms and had failed to repatriate Venezuelan migrants in the U.S. at the expected pace.
"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."
While Trump did not directly mention Chevron, the company holds the primary oil license issued under Biden's concessions.
Neither the White House nor the State Department immediately commented on whether the reversal would impact Chevron's operations.
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