President Donald Trump announced Wednesday that he is revoking Venezuela’s license to export oil to the United States, citing the country’s failure to expedite the repatriation of Venezuelan deportees as agreed upon by President Nicolás Maduro’s government.

In a statement on his Truth Social account, Trump declared, “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 also accused Venezuela of delaying the return of “violent criminals” allegedly sent into the U.S., stating that the Biden administration’s agreement had been “ineffective and unmet.” As a result, he said he is ordering the termination of the deal as of the upcoming March 1st renewal deadline.

The move directly impacts a key license recently renewed by the U.S. Treasury Department, which allows American oil giant Chevron to operate in Venezuela. The Biden administration initially granted this license in November 2022, making it a crucial revenue source for the Maduro government. Chevron currently produces approximately 220,000 barrels per day in Venezuela, contributing to about a quarter of the country’s total oil output of 900,000 barrels per day.

The decision to revoke the oil license could have significant economic and geopolitical consequences, particularly as the U.S. continues to balance energy security concerns with foreign policy objectives in Latin America. It also raises questions about future relations between Washington and Caracas, as well as the impact on global oil markets.

Neither the Biden administration nor Venezuelan officials have immediately responded to Trump’s announcement.

Credit: Miami Herald