Trump Reverses Oil Concessions to Venezuela Citing Unmet Conditions

President Trump has reversed oil concessions granted to Venezuela under the Biden administration, citing unmet conditions by President Maduro and slow repatriation of violent criminals. This decision affects the authorization of U.S. company Chevron to operate in Venezuela and has drawn criticism from Venezuelan officials.

United States President Donald Trump announced the reversal of oil transaction concessions granted to Venezuela under the Biden administration. He cited unfulfilled electoral conditions imposed on Venezuelan President Nicolas Maduro and dissatisfaction with the pace at which violent undocumented Venezuelan criminals were being repatriated as critical factors for this decision. Trump stated, “We are hereby reversing the concessions that crooked Joe Biden gave to Nicolas Maduro,” asserting that the existing agreement would be terminated effective March 1.

The concessions in question were part of the Biden administration’s initiative to relax restrictions on financial transactions with Venezuela’s oil sector amidst ongoing negotiations aiming to establish fair elections in the country. However, these negotiations faltered, particularly after Maduro hindered opposition candidate Maria Corina Machado from participating in the presidential elections. Trump indirectly referenced Chevron, which had been authorized under the Biden administration to resume limited operations in Venezuela, declaring that this authorization would not be renewed and would be terminated.

In response to Trump’s announcement, Venezuelan Vice President Delcy Rodriguez criticized the decision as “damaging and inexplicable.” She asserted that the sanctions imposed against Chevron not only harmed the Venezuelan people but also adversely affected the United States and its businesses, raising concerns about the legal security of U.S. international investments.

In summary, President Donald Trump’s recent decision to reverse oil transaction concessions to Venezuela is based on unmet electoral conditions and dissatisfaction with the repatriation of criminals. This decision follows previously established agreements under the Biden administration, highlighting the ongoing complexity of U.S.-Venezuela relations. The implications of this action are significant for both countries and the international investment landscape.

Original Source: www.mid-day.com