President Trump has revoked oil concessions previously granted to Venezuela by Biden due to the Maduro regime’s electoral non-compliance and failure to cooperate on migrant deportations. The revocation impacts Chevron’s operations in Venezuela. Venezuelan officials have criticized this decision, warning of serious economic consequences, while the US Treasury is expected to issue a ruling on related matters soon.
United States President Donald Trump has issued a revocation of the oil concessions previously granted to Venezuela under the administration of Joe Biden, citing the Maduro regime’s failure to comply with electoral agreements and its lack of cooperation in deporting “violent criminals.” This decision significantly affects Chevron’s operations in Venezuela, which received authorization from Biden in 2022.
In a statement on his social media platform Truth Social, President Trump criticized the Chavista government for not adhering to the agreed-upon conditions and failing to repatriate Venezuelan irregular migrants. He declared that the Biden Concession Agreement would be terminated effective March 1, pointing to the regime’s shortcomings in fulfilling electoral obligations.
The Biden administration does not recognize Nicolás Maduro’s reelection for a third term and supports Edmundo González Urrutia, a prominent opposition figure. Gonzalez asserts he won the upcoming July 2024 elections and attended Trump’s inauguration on January 20.
Venezuelan Executive Vice President Delcy Rodríguez condemned the revocation as “harmful and inexplicable,” predicting detrimental macroeconomic repercussions for Venezuela, including adverse effects on income and exchange rates. She expressed strong opposition to the decision, linking it to demands from the country’s “extremist and failed opposition.”
Experts now await the ruling from the US Treasury Department’s Office of Foreign Assets Control (OFAC) regarding the situation by March 1. Earlier in 2024, Biden reintroduced many sanctions on Venezuelan oil because of Maduro’s failure to honor electoral commitments, although certain companies, including Chevron, retained individual licenses to operate.
Recently, the Trump administration dispatched Richard Grenell to Caracas, resulting in the return of six US citizens previously detained by the Venezuelan government. Grenell reportedly secured a commitment that Venezuelan irregular migrants deported by the United States would be accepted back into Venezuela.
In summary, President Trump has revoked oil concessions to Venezuela citing non-compliance with electoral conditions by the Maduro administration. This move has implications for Chevron’s operations and has been met with criticism from Venezuelan officials, who warn of economic repercussions. The future of these concessions remains uncertain as the US Treasury is anticipated to provide further direction by the stated deadline.
Original Source: en.mercopress.com
