U.S. President Donald Trump has announced the reversal of concessions granted in a 2022 oil transaction agreement with Venezuela by his predecessor, Joe Biden.
In a post on Truth Social, Trump stated he was cancelling the deal, which had allowed Chevron to expand its operations in Venezuela and export crude oil to the U.S. He accused Biden of making ineffective concessions to Venezuelan President Nicolás Maduro, citing unfulfilled electoral conditions.
Trump declared that the agreement would be terminated as of March 1, while Maduro’s government has repeatedly condemned U.S. sanctions as an “economic war” against Venezuela.