Reuters
[Source: Reuters]
U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President
Nicolas Maduro of not making progress on electoral reforms and migrant returns.
In a post on Truth Social, Trump said he was “reversing the concessions” of the “oil transaction agreement, dated November 26, 2022.”
Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela’s oil sector on November 26, 2022. It was the only license the administration issued for Venezuela that day.
“The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron,” Venezuelan Vice President Delcy Rodriguez said in a statement posted on Telegram.
She said “these kinds of failed decisions” had prompted migration out of Venezuela.
The White House and the U.S. State Department did not immediately respond to requests for further detail on Trump’s comments.
Chevron said it was aware of Trump’s post and considering its implications.
Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country’s entire oil output.
Ending the license means Chevron will no longer be able to export Venezuelan crude. And if Venezuela’s state oil company PDVSA exports oil previously exported by Chevron, U.S. refineries will be unable to buy it due to U.S. sanctions.
Since his return to office in January, Trump has repeatedly said the U.S. does not need Venezuelan oil and left open the possibility of revoking Chevron’s operating license.
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