Trump revokes Chevron's Venezuela oil license by Reuters WASHINGTON Feb 27, 2025 - 3:53 pm GMT+3 Oil tankers sail the Maracaibo Lake, Maracaibo, Venezuela on March 15, 2019. (AFP Photo) U.S. President Donald Trump on Wednesday said he was reversing a license given by his predecessor, Joe Biden, more than two years ago to the energy giant Chevron to operate in Venezuela, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns. In a post on Truth Social, Trump said he was "reversing the concessions" of the "oil transaction agreement, dated Nov. 26, 2022." Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela's oil sector on Nov. 26, 2022. It was the only license the administration issued for Venezuela that day. "The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron," Venezuelan Vice President Delcy Rodriguez said in a statement posted on Telegram. She said "these kinds of failed decisions" had prompted migration out of Venezuela. The White House did not immediately respond to requests for further detail on Trump's comments. U.S. Secretary of State Marco Rubio later said on X he would provide foreign policy guidance to terminate all Biden-era oil and gas licenses "that have shamefully bankrolled the illegitimate Maduro regime." It was not immediately clear which, if any, other companies would be affected, but the U.S. State and Treasury Departments have granted several licenses and authorizations in recent years, including to foreign firms. Chevron said it was aware of Trump's post and was considering its implications. Chevron exports about 240,000 barrels per day (bpd) of crude from its Venezuela operations, over a quarter of the country's entire oil output. Ending the license means Chevron will no longer be able to export Venezuelan crude. If Venezuela's state oil company, PDVSA, exports oil previously exported by Chevron, U.S. refineries will be unable to buy it due to U.S. sanctions. Since his return to office in January, Trump has repeatedly said the United States does not need Venezuelan oil and left open the possibility of revoking Chevron's operating license. During his first term, Trump pursued a "maximum pressure" sanctions policy against Maduro's government, especially targeting Venezuela's energy business. After initially easing sanctions to encourage fair and democratic elections, Biden in April reinstated broad oil sanctions, saying Maduro failed to keep his electoral promises. But Biden had left the Chevron license intact, along with U.S. authorizations granted to several other foreign oil companies. Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said. The money has lifted Venezuela's economy, especially its oil and banking sectors, which expanded last year. The government take from oil activities covered by all U.S. licenses to Chevron and a handful of European companies is estimated between $2.1 billion and $3.2 billion annually, only considering royalties and taxes, said Jose Ignacio Hernandez from consultancy Aurora Macro Strategies. U.S. Energy Secretary Chris Wright said on Wednesday after Trump's comments that the U.S. is the world's largest oil producer and "small interruptions from other nations" will not affect global supply. Electoral conditions 'not been met' In early February, Trump said Caracas had agreed to receive all Venezuelan migrants in the U.S. illegally and provide for their transportation back. That came a day after U.S. envoy Richard Grenell met with Maduro in Caracas and brought six U.S. detainees back. Trump said in Wednesday's post that Maduro had not met "electoral conditions" and that he was not transporting Venezuelans back to the United States at a pace that had been agreed to. Trump did not detail what he meant by "electoral conditions." Maduro's last two election wins were both disputed by Washington, with Venezuela's opposition saying it won the July 2024 presidential election by a landslide, an assertion backed by the U.S. and other Western countries. The cancellation of the license proves Trump is on the side of Venezuelans, opposition leader Maria Corina Machado told Trump's son, Donald Trump Jr., during an interview on the latter's video and podcast interview show. "What you just mentioned is proof for me that President Trump is on the side of the Venezuelan people, of democracy and prosperity of the U.S. and for Venezuela as well," Machado said, adding the question from Trump Jr. was the first she had heard of his father's decision. "This is exactly the path ahead." The oil concession agreement would be terminated as of the March 1 option to renew, Trump said. It was not immediately clear what would happen with cargoes of Venezuelan crude currently navigating to U.S. ports or about to depart from Venezuela through the end of the month. Maduro and his government have always rejected sanctions by the U.S. and others, saying they are illegitimate measures that amount to an "economic war" designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country's resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions. When the license was first issued, Chevron was owed about $3 billion by Venezuela. According to the company's debt recovery plan, explained by sources, by the end of 2024, it should have recouped some $1.7 billion as oil output approached an average of 200,000 barrels per day as expected. Chevron's automatically renewing license allowed it to expand crude output at joint ventures with PDVSA and send some 240,000 bpd to its own refineries and other customers. Chevron said earlier in February it would lay off up to 20% of its global staff by the end of 2026 as part of an effort to cut costs and simplify the business. Chevron told its employees the company was falling behind competitors and struggled to quickly make decisions. energy sector oil exports oil prices venezuela chevron sanctions donald trump
love it maga - cut the communist off - evidently biden crime family had a deal down there and now it's dead like the democratic party.
100% Agree - Audit Fort Knox For The Amount of Gold There ? 100% Agree - Cut Back Gov Spending -- DOGE (Anything for Gawd Sake -- Cut Gov Spending) 100% Agree Audit The Fed - Overdue by 20 Plus Years... Go Ron Paul... 100% Agree Put America First (Within US Constitutional Law - Within our borders - OUR BORDERS... OURS !) But your comment here is Liberal Progressive Neocon BullSh*t... This is ALL about Venezuelan Oil.. You are cheering on the death of another country... ?? Do you wear a dress too.. ? What outrageous Liberal Crap... Until our budget is fixed... Our American cities are fixed... Our economy is fixed.. Our Medical System Is Fixed... and we begin to manufacture again across the board instead of import... and we have true justice in our legal system and go back and follow the US constitution, Bill of Rights and Declaration of Independence until then... Stay out of other countries business...
you have no clue what you're talking about at all. it's our business that THE BIDEN CRIME FAMILY killed off american oil business so they could funnel money from venezuela. the democratic party is all about theft of taxpayers money. if it kills a shit hole country so be it.
I know exactly what I am sharing and I know exactly who is a Liberal Neocon when I read their writings. Have for over 20+ years... and that would be you dear. Is your main reading the Torah or Talmud - Seems like it ? Yes... I understand that you are less than empathetic with the lives of others... as a Liberal Neocon that would be a pre-requisite... The lives of others are unimportant as long as you can live out the dreams of your Liberal War Bias. Both American political parties have an insane amount of corruption and greed. Not just Biden... Throw in Bush Sr, Bush Jr, Cheney, Obama, Clintons, Nixon... and 100s more. Just remember some day when you are sitting on your porch and your world is coming apart at the seems and you are wasted emotionally over some personal tragedy in your life. That what comes around goes around sweetie especially when you set it in motion like you are. Just be patient it is coming...