Trump Revokes Oil Policy, Hitting Venezuela and Chevron

President Donald Trump announced on Wednesday his intention to revoke a policy implemented by the Biden administration that allowed for increased oil production and exports from Venezuela. This decision directly impacts both the Venezuelan government and Chevron, a major oil producer operating in the country.

In a post on Truth Social, Mr. Trump stated his commitment to reversing concessions granted on November 26, 2022, when the Treasury Department authorized Chevron to expand its operations in Venezuela. The current license is set for renewal on March 1st.

Reasoning Behind the Reversal

"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," Mr. Trump asserted, indicating dissatisfaction with Venezuela's compliance on a previously established agreement.

Impact on Chevron

A spokesperson for Chevron confirmed that the company is currently evaluating the potential consequences of Mr. Trump's announcement. As the second-largest U.S. oil company, Chevron has maintained a longstanding presence in Venezuela.