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President Donald Trump says he is reversing a Biden-era grant allowing Chevron to operate within Venezuela on Wednesday.
Trump detailed the decision in a lengthy post on Truth Social, stating that Venezuelan President Nicolas Maduro had not upheld his end of the bargain.
"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 wrote.
"Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ U.S.A.) back to Venezuela at the rapid pace that they had agreed to," he added.
NEARLY 200 VENEZUELAN ILLEGAL IMMIGRANTS DETAINED AT GUANTANAMO BAY ARE FLOWN BACK HOME
President Donald Trump signs a series of executive orders in the Oval Office at the White House. (Andrew Harnik/Getty Images / Getty Images)
"I am therefore ordering that the ineffective and unmet Biden "Concession Agreement" be terminated as of the March 1st option to renew. Thank you for your attention to this matter!" Trump continued.
Venezuelan Vice President Delcy Rodriguez described the decision as "inexplicable" in a statement on Telegram, arguing it was a "failed decision."
"The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron," Rodriguez said.
Venezuelan leader Nicolas Madura has not upheld vows to take in illegal immigrants from the U.S., Trump says. (Matias Delacroix/Getty Images / Getty Images)
Secretary of State Marco Rubio later said on X that he will provide foreign policy guidance to terminate all Biden-era oil and gas licenses "that have shamefully bankrolled the illegitimate Maduro regime."
BIDEN URGED TO CRACK DOWN ON OIL COMPANIES DOING BUSINESS WITH VENEZUELA AFTER MADURO'S REFUSAL TO CEDE POWER
Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country's entire oil output.
Chevron will soon be unable to operate within Venezuela. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
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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During his first term, Trump pursued a "maximum pressure" sanctions policy against Maduro's government, especially targeting Venezuela's energy business.
Reuters contributed to this report.