Trump Proposes Revocation of Venezuela Oil License Affecting Chevron

Former President Donald Trump announced plans to revoke a license enabling Chevron to expand oil production in Venezuela, a policy initially established by the Biden administration in 2022. This move could adversely affect both Chevron’s operations and Venezuela’s economy. Trump cited the Venezuelan government’s failure to comply with agreements as justification for this policy change, indicating a firmer stance on U.S.-Venezuela relations.

In a recent statement, former President Donald Trump announced his intention to revoke a license that allowed Chevron to increase oil production in Venezuela. This policy, granted by the Biden administration on November 26, 2022, has been critical for both Chevron’s operations and the Venezuelan government. The license, which is due for renewal on March 1, enables the company to expand its oil activities in the region, potentially impacting Chevron’s revenues and Venezuela’s economy significantly.

Mr. Trump expressed his criticism of the Venezuelan administration, stating that their failure to repatriate “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” validates his decision to tighten restrictions. While he did not explicitly mention Chevron in his announcement on Truth Social, the implications for the company and Venezuelan oil exports are clear, suggesting a more stringent approach to U.S.-Venezuela relations under his potential future presidency.

Former President Trump’s commitment to revoking the oil license highlights a strategic shift regarding U.S. relations with Venezuela. By withdrawing support for Chevron’s operations, he seeks to exert pressure on the Venezuelan government. The potential consequences of this policy reversal could hinder the oil production capabilities in Venezuela and significantly affect Chevron’s operational scope.

Original Source: www.nytimes.com