WASHINGTON — President Trump said Wednesday that he’s canceling a Biden-era economic reprieve for Venezuela — a move that will cause Caracas to lose roughly 34% of its oil export market.
“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with Electoral conditions within Venezuela, which have not been met by the Maduro regime,” Trump said in a statement.
“Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ U.S.A.) back to Venezuela at the rapid pace that they had agreed to. I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1st option to renew.”
Former President Biden in 2022 relaxed sanctions on Maduro’s authoritarian government and issued a license to Chevron to pump and export oil — in exchange for the socialist leader agreeing to work with his country’s opposition parties on democratic reforms.
Maduro last year claimed re-election in a disputed vote that the opposition said was rigged.
Chevron said in a statement: “We are aware of today’s announcement and are considering its implications. Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by U.S. government.”
Trump’s envoy for special missions Ric Grenell last month met with Maduro and returned to the US with six jailed Americans and a promise to accept return flights of illegal immigrants being deported.
In addition to Trump’s assertion that Maduro’s government is no longer accepting deportees, a number of Republican officials from South Florida have urged a stricter stance toward the strongman as a way of punishing his domestic repression.
Venezuela’s oil exports jumped 15% in January to 867,000 barrels per day — driven by Chevron’s export of 294,000 barrels per day, or about 34% of the total, Reuters reported.
Chevron’s exports went to the US refineries, while the other two-thirds of Venezuela’s exports went to countries including China (51%), Europe (7%) and Cuba (1%).
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