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United States President Donald Trump has announced a reversal of the concessions granted in an oil transaction agreement with Venezuela by his predecessor, Joe Biden, more than two years ago.
In a post on Truth Social on Wednesday, Trump stated that he was “reversing the concessions” of the “oil transaction agreement, dated 26 November 2022.”
That agreement, made in 2022, allowed the Biden administration to grant Chevron a licence to expand its production in Venezuela and export the country’s crude oil to the United States.
However, Trump did not mention Chevron in his post.
“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated 26 November 2022, and also having to do with electoral conditions within Venezuela, which have not been met by the Maduro regime,” Trump said.
“I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the 1 March option to renew. Thank you for your attention to this matter!” he added.
Meanwhile, Venezuelan President Nicolás Maduro and his government have consistently rejected U.S. sanctions, describing them as illegitimate measures amounting to an “economic war” designed to cripple Venezuela.
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