President Donald Trump has pulled the plug on a key oil license that allowed Chevron to operate in Venezuela, citing dictator Nicolás Maduro’s failure to take back illegal migrants and meet electoral reform expectations. The decision marks a major reversal of Biden-era concessions that had eased restrictions on Venezuela’s oil industry.
Trump made the announcement on Truth Social, stating that he was revoking the “oil transaction agreement”, dated November 26, 2022, which was originally granted under the Biden administration. Though he did not name Chevron directly, the company was the sole recipient of that license, making it clear that the decision would force its exit from Venezuela by July.
🚨🇺🇸🇻🇪 | HUGE NEWS FOR VENEZUELA: President Trump is officially reversing Biden’s disastrous oil concessions to the Maduro regime, effective March 1st. This was one of the biggest lifelines keeping the dictatorship afloat, and it’s finally being cut off.
For years, Venezuelans… pic.twitter.com/rzmLaCuenJ
— Rafael E. Struve (@RafaelEStruve) February 26, 2025
The 2022 deal was designed to pressure Maduro into improving election conditions and repatriating Venezuelan migrants, including criminals linked to the Tren de Aragua gang. While the regime had initially agreed to facilitate deportations, Trump now says they have failed to move at the expected “rapid pace.”
Six Americans who were being held hostage in Venezuela and were freed Friday night call President Trump on the plane ride home. pic.twitter.com/OVBPX2ss36
— Defiant L’s (@DefiantLs) February 1, 2025
Chevron had been operating cautiously in Venezuela under Biden’s license, focusing on maintenance and debt recovery rather than large-scale investments. However, with Trump’s revocation, the company will have to halt its oil operations in the country.
The economic impact of the decision was immediate. Bloomberg reported that Venezuela’s oil bonds saw sharp declines after the announcement, signaling further financial instability for the already struggling country.
Molotov es tan pero tan imbecil que cree que una acción armada se debe decir en medios y así poder alertar a los malos…..
Hace menos de 24 horas la gente ni se imaginaba que Trump iba a volver a sancionar a Venezuela,así que debemos estar conscientes que Trump es imprescindible https://t.co/w6oqk7M6oC
— GABO⚔️الحلبي (@Abujirji) February 27, 2025
By cutting off Venezuela’s access to U.S. oil transactions, Trump is making it clear that there will be no deals with Maduro’s regime unless his administration’s demands — particularly on immigration and political reforms — are met in full.
