In a significant policy reversal, former U.S. President Donald Trump announced on Wednesday that he is rescinding concessions granted to Venezuela by his successor, Joe Biden, over two years ago.
The announcement, made via Trump’s Truth Social platform, stated that he is “reversing the concessions” related to an oil transaction agreement dated November 26, 2022.
The agreement in question was part of the Biden administration’s decision to grant a special license to Chevron, allowing the oil giant to expand its production in Venezuela and export crude oil to the United States.
While Trump did not specifically name Chevron in his statement, the timing of the agreement suggests it is the key element of the policy shift. Notably, the license granted to Chevron was the only one issued by the Biden administration for Venezuela on that date.
The White House and the U.S. State Department have yet to comment on Trump’s announcement or clarify whether the reversal explicitly affects Chevron’s operations in Venezuela. Similarly, Chevron has not issued a statement in response to the development.
Venezuela’s President Nicolas Maduro and his administration have consistently opposed U.S. sanctions, calling them illegitimate measures designed to destabilize the country’s economy.
Maduro and his allies argue that despite these restrictions, Venezuela has shown resilience, though they have also blamed some of the nation’s economic hardships on the sanctions imposed by the U.S. and its allies.