The Trump administration has revoked an oil license granted to Venezuela, citing the Maduro regime’s failure to meet obligations on taking back migrants. The move ends a two-year arrangement that had allowed Chevron to continue operating in the sanctioned country.
Trump made the announcement on Truth Social, stating that his administration was “reversing the concessions” given under the oil transaction agreement from November 26, 2022 as detailed here. While he did not directly name Chevron, the company was the sole recipient of that license.
🚨🇺🇸🇻🇪 | HUGE NEWS FOR VENEZUELA: President Trump is officially reversing Biden’s disastrous oil concessions to the Maduro regime, effective March 1st. This was one of the biggest lifelines keeping the dictatorship afloat, and it’s finally being cut off.
For years, Venezuelans… pic.twitter.com/rzmLaCuenJ
— Rafael E. Struve (@RafaelEStruve) February 26, 2025
The Biden-era deal had been presented as a way to pressure Venezuela into improving its electoral system and repatriating illegal migrants. In particular, the agreement included deporting members of the Tren de Aragua gang, a transnational criminal organization that has spread into the U.S.
Six Americans who were being held hostage in Venezuela and were freed Friday night call President Trump on the plane ride home. pic.twitter.com/OVBPX2ss36
— Defiant L’s (@DefiantLs) February 1, 2025
Trump said Venezuela was not following through at the promised speed, prompting the administration to revoke the deal. Chevron, which has been active in Venezuela for over a century, will now be required to cease operations and exit the country by July.
Molotov es tan pero tan imbecil que cree que una acción armada se debe decir en medios y así poder alertar a los malos…..
Hace menos de 24 horas la gente ni se imaginaba que Trump iba a volver a sancionar a Venezuela,así que debemos estar conscientes que Trump es imprescindible https://t.co/w6oqk7M6oC
— GABO⚔️الحلبي (@Abujirji) February 27, 2025
The economic impact of the decision was immediate. Reports indicate that Venezuela’s oil bonds saw sharp declines following the announcement. The country’s already struggling economy is expected to take a further hit as a result.
With this move, Trump is reinforcing his administration’s strict approach to illegal immigration and foreign policy, rolling back Biden’s concessions and making it clear that the U.S. will not continue supporting a regime that fails to meet its commitments.
