President Trump has revoked oil concessions granted to Venezuela by Biden due to failure to meet electoral conditions. This revocation affects Chevron’s operations in Venezuela. Trump has accused Maduro’s regime of not cooperating on critical issues. The situation is under scrutiny as the U.S. Treasury Department prepares to respond by March 1.

U.S. President Donald Trump has officially revoked the oil concessions that were granted by his predecessor, President Joe Biden, to Venezuela, citing the country’s non-compliance with electoral conditions and failure to cooperate on deporting violent criminals. This action directly affects Chevron’s operations in Venezuela, which had received authorization in 2022 under Biden’s administration.

Trump has accused President Nicolás Maduro’s regime of not fulfilling agreed-upon terms, particularly regarding the handling of Venezuelan irregular migrants. He announced via his social media platform, Truth Social, that he is rescinding what he described as the ineffective Biden Concession Agreement as of the March 1 renewal.

In summary, Trump’s decision to revoke the oil concessions to Venezuela stems from claims of non-compliance by the Maduro administration with electoral agreements and issues concerning the treatment of Venezuelan migrants. This revocation poses significant implications for U.S. oil companies operating in the country. The situation remains dynamic, awaiting further actions from the U.S. Treasury Department’s Office of Foreign Assets Control, which is expected to provide guidance on the matter by March 1.

Original Source: en.mercopress.com