President Donald Trump has revoked oil concessions to Venezuela granted by former President Biden, citing non-compliance with electoral conditions and lack of deportation cooperation. This change affects Chevron’s operations and draws criticism from Venezuelan officials, who warn of dire economic consequences. Experts await further decisions from the U.S. Treasury Department regarding sanctions and policy adjustments.

In a recent announcement, President Donald Trump has revoked the oil concessions that were previously granted to Venezuela by former President Joseph Biden. This decision is primarily attributed to Venezuela’s non-compliance with electoral conditions and a lack of cooperation in the deportation of violent criminals. The revocation notably affects Chevron’s operations within the country, which had received approval from Biden in 2022.

Trump criticized President Nicolás Maduro’s regime for not fulfilling the agreed-upon conditions and failing to address the return of Venezuelan irregular migrants. He expressed these points on his social media platform, Truth Social, indicating that the Biden concession agreement is now ineffective and will be rescinded starting on March 1.

The U.S. does not recognize Maduro’s re-election for another term from 2025 to 2031 and instead supports Edmundo González Urrutia, who asserts that he won the elections held on July 28, 2024. Urrutia was present at Trump’s inauguration on January 20, 2025.

In response, Venezuelan Executive Vice President Delcy Rodríguez deemed the revocation of oil concessions as “harmful and inexplicable,” suggesting it could have severe macroeconomic repercussions for the country. She criticized the actions as being urged by extremist opposition and echoed the sentiment of Uruguayan independence hero José Gervasio Artigas, stating, “Let us expect nothing but from ourselves.”

Experts are awaiting the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to make a decision by March 1 regarding this matter. In April 2024, Biden reinstated most sanctions on Venezuelan oil and gas due to Maduro’s failure to honor electoral commitments, though individual licenses for companies like Chevron remained in place.

Earlier this year, Richard Grenell, representing the Trump administration, visited Caracas and secured the return of six American citizens held by the Venezuelan government. He reportedly secured a promise that Venezuelan irregular migrants expelled from the United States would be allowed to return to Venezuela.

In summary, President Trump’s revocation of oil concessions to Venezuela marks a significant shift in U.S. policy, reflecting concerns over electoral compliance and cooperation regarding immigration. The measure’s implications for Venezuela’s economy are substantial, as indicated by government officials. The situation continues to evolve, with further actions from the U.S. Treasury Department anticipated shortly.

Original Source: en.mercopress.com

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