This is going to be a big surprise for many.
President Donald Trump is taking decisive action to undo a controversial Biden-era grant that allowed Chevron to continue operating in Venezuela. On Wednesday, Trump made his position clear in a detailed post on Truth Social, declaring that the Biden administration’s concessions to Venezuelan President Nicolás Maduro would be reversed. He emphasized that Maduro’s regime had failed to meet critical conditions outlined in the agreement.
“We are reversing the dangerous concessions that Joe Biden made to Nicolás Maduro in the oil transaction agreement from November 26, 2022, as well as the stipulations regarding electoral reforms within Venezuela, which Maduro’s government has entirely disregarded,” Trump stated. He went on to express his dissatisfaction with Maduro’s lack of cooperation on another critical issue—the return of violent criminals who had been sent to the United States by the Venezuelan government.
“Furthermore, the regime has failed to live up to its promise of rapidly sending back the violent criminals they have allowed into our country,” Trump added. “As a result, I am ordering the termination of the ineffective and unmet Biden administration ‘Concession Agreement,’ effective March 1st when it’s due for renewal.”
Venezuelan Vice President Delcy Rodríguez called the decision “inexplicable” and criticized it as a “failed decision” in a statement on Telegram. However, many American conservatives view this move as a necessary step to prevent further support for Maduro’s authoritarian regime.
Senator Marco Rubio, a vocal critic of the Biden administration’s foreign policy, voiced his support for Trump’s decision, pledging to work toward terminating all oil and gas licenses granted under Biden that have allowed the Maduro regime to profit. Chevron’s operations in Venezuela have been significant, with the company exporting over 240,000 barrels of crude oil daily—about a quarter of Venezuela’s total output.
Since returning to office, Trump has consistently argued that the U.S. does not need Venezuelan oil, reinforcing his “maximum pressure” sanctions strategy that was a hallmark of his first term. By halting Chevron’s operations, Trump is sending a strong message that the U.S. will no longer tolerate concessions that undermine national security and allow corrupt regimes to thrive.