Trump Revokes Biden’s Oil Concessions to Venezuela Amid Compliance Issues
President Trump has revoked oil concessions granted to Venezuela by Biden due to non-compliance with electoral conditions. This decision affects Chevron’s operations and reflects broader U.S. policy against President Maduro’s regime. The Venezuelan government has denounced the action, and experts await further rulings from U.S. authorities.
President Donald Trump has canceled the oil concessions that were granted to Venezuela by his predecessor, President Joseph Biden. This action was taken due to Venezuela’s failure to comply with electoral conditions and a lack of cooperation regarding the deportation of violent criminals, according to an announcement from Washington, D.C. This revocation primarily affects Chevron’s operations in the country, which Biden had authorized in 2022.
Trump has criticized the Bolivarian regime led by President Nicolás Maduro for not meeting the set criteria and for not accepting Venezuelan irregular migrants. He expressed his decision on his platform, Truth Social, stating, “therefore, I order that the ineffective and unfulfilled Biden Concession Agreement be rescinded as of the March 1 renewal option.”
The U.S. does not recognize the legitimacy of Maduro’s reelection for a third term and instead endorses the exiled opposition leader Edmundo González Urrutia, who claims victory in the 2024 election. González Urrutia attended Trump’s inauguration on January 20, further solidifying the opposition’s connection to the current administration.
Venezuelan Executive Vice President Delcy Rodríguez criticized the U.S.’s decision, labeling it “harmful and inexplicable” due to its potential adverse effects on Venezuela’s economy, including income and exchange rates. She rebuffed the actions, stating that they reflect the requests of an extremist opposition and quoted Uruguayan independence leader José Gervasio Artigas, saying, “Let us expect nothing but from ourselves.”
Experts are now awaiting a ruling from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) before March 1 regarding the status of the oil concessions. President Biden had reinstated most sanctions on Venezuelan oil and gas in April 2024 in response to Maduro’s breach of electoral promises, although some individual licenses remain for companies like Chevron and Repsol.
Earlier this year, the Trump administration sent Richard Grenell to Caracas, where he successfully negotiated the release of six U.S. nationals previously held by the Venezuelan government. Additionally, a promise was reportedly made for the reception of deported Venezuelan migrants back into the country.
In conclusion, President Trump has revoked the oil concessions to Venezuela established by Biden, citing failed compliance with electoral conditions. This decision significantly impacts Chevron and reflects ongoing tensions in U.S.-Venezuela relations. While the Venezuelan government has condemned this action, experts continue to monitor the forthcoming rulings from the U.S. Treasury Department regarding these sanctions.
Original Source: en.mercopress.com
