Trump Reverses Biden's Venezuela Oil Concessions Amid Electoral Reform Dispute

Former U.S. President Donald Trump announced he is revoking oil concessions given to Venezuela, citing a lack of progress on electoral reforms and migrant returns. This move reverses actions taken by President Joe Biden, who had granted Chevron a license to expand oil production in Venezuela.

In a significant geopolitical move, former U.S. President Donald Trump announced on Wednesday the reversal of oil concessions previously extended to Venezuela by President Joe Biden. The decision is rooted in accusations against Venezuelan leader Nicolas Maduro for failing to progress on electoral reforms and migrant repatriations.

The announcement was made through Trump's post on Truth Social, signaling his intention to annul the oil transaction agreement dated November 26, 2022. This agreement had permitted Chevron to expand its oil production operations in Venezuela and export crude oil to the U.S. The administration of President Biden had issued only this license for Venezuelan operations that day.

Since reassuming office, Trump has consistently stated that the U.S. can do without Venezuelan oil, even hinting at the possibility of retracting Chevron's operating rights. This development follows Trump's earlier assertion that Venezuela agreed to transport back all Venezuelan migrants residing illegally in the U.S.

(With inputs from agencies.)