Trump Terminates Chevron’s Oil Export Permit, Cutting Financial Support for Venezuela

President Trump has announced the termination of a permit that allowed Chevron Corp. to export oil from Venezuela, ending a crucial financial lifeline for the Maduro government. This decision responds to allegations of undemocratic practices by Maduro’s regime during recent elections and delayed deportations of immigrants. The Biden administration had previously issued the permit to encourage democratic reforms, which have failed to materialize.

President Donald Trump announced the termination of a permit that allowed Chevron Corporation to export Venezuelan oil to the United States, effectively cutting a significant financial lifeline to the Venezuelan government. This decision was influenced by accusations against President Nicolás Maduro’s administration for failing to uphold democratic principles during the 2024 presidential election and for not expediting the return of immigrants designated for deportation.

In his post on Truth Social, Trump asserted the reversal of concessions previously made by President Joe Biden to Maduro regarding oil transactions. While Trump did not explicitly cite Chevron or the specific permit, the timing of his remarks aligned with the general license that facilitated Chevron’s oil operations in Venezuela.

The Biden administration had initially granted this permit in 2022 to encourage democratic dialogue between Maduro and the Venezuelan opposition. However, subsequent elections were criticized for not being fair or free, ultimately allowing Maduro to secure a third term despite allegations of electoral fraud. Over the last months, Biden’s administration faced pressure to revoke the license, which had reportedly allowed Maduro’s government to generate approximately $4 billion.

Recently, Chevron acknowledged Trump’s announcement, stating they are examining its potential implications while reaffirming their adherence to U.S. laws and regulations regarding their business activities in Venezuela. Despite its rich oil reserves, Venezuela’s economy has deteriorated due to corruption and mismanagement, exacerbated by U.S. economic sanctions.

In conclusion, President Trump’s recent announcement marks a significant shift in U.S. policy toward Venezuela, reversing previous concessions made under the Biden administration. The termination of Chevron’s export permit is expected to impact the Venezuelan economy severely, following years of decline influenced by government corruption and external sanctions. This development further highlights the complexities surrounding U.S.-Venezuelan relations and the ongoing political crisis in the South American nation.

Original Source: apnews.com