Donald Trump revokes Chevron's Venezuela oil permit, dealing major blow to Maduro

US President Donald Trump announced on Wednesday that he was revoking oil giant Chevron's permission to operate in Venezuela, delivering a significant setback to the struggling economy under leftist leader Nicolás Maduro.
Sharing a post on his Truth Social platform, Trump wrote: "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, who rarely criticises authoritarian leaders, stated that Maduro's recent re-election lacked proper conditions, amid widespread accusations of vote rigging.
"Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ USA) back to Venezuela at the rapid pace that they had agreed to. I am therefore ordering that the ineffective and unmet Biden “Concession Agreement” be terminated as of the March 1st option to renew," Trump added.

Trump criticised Maduro for not honouring commitments regarding deported Venezuelans as discussed with a US envoy. The initial diplomatic visit had suggested a potential shift towards practical dialogue rather than increased sanctions.
In 2022, former president Joe Biden relaxed sanctions and permitted Chevron's operations in Venezuela, contingent upon Maduro's commitment to fair elections.
Biden later reinstated most restrictions upon realising Maduro's suppression of opposition, whilst maintaining Chevron's concession, partly to prevent US petrol price increases before elections.
Chevron, which had ceased Venezuelan oil production in 2018 due to Trump's earlier sanctions, has contributed to revitalising the nation's oil sector, which had significantly declined since the 1990s.

The US corporation currently produces approximately 240,000 barrels daily from Venezuela, representing nearly 25% of the country's total production.
Venezuelan Vice President Delcy Rodriguez described the Trump administration's action as "damaging and inexplicable", highlighting migration concerns - Trump's primary focus.
"In its attempt to harm the Venezuelan people, it is in fact hurting the United States, its population and its companies, and also calling into question the legal security of the US's international investment regime," she wrote on Telegram.
"Venezuela emphasizes that these kinds of failed decisions prompted the migration from 2017 to 2021 with the widely known consequences," she added.
Chevron representative Bill Turenne said: "Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by US government."