Trump Pulls Chevron License To Export Venezuela Oil, Reversing Biden Deal

President Donald Trump said Wednesday the United States will end the Biden administration's concessions aimed at promoting free elections in Venezuela, canceling a license that allowed U.S. oil company Chevron to produce and export oil in the country.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades. Trump said in a social media post the conditions the Biden administration reached with Venezuela in 2022 that allowed the country to export oil “have not been met by the Maduro regime.”

“I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1st option to renew,” Trump wrote in his social media post.

While serving as senator, Secretary of State Marco Rubio had opposed the Biden concessions that had been given to convince Venezuelan President Nicolás Maduro to allow free elections. Despite those concessions, election observers have said the country’s presidential contest last year was riddled with fraud.

“We are aware of today’s announcement and are considering its implications," a Chevron spokesperson said. "Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by U.S. government.”

Miami Republicans Reps. Mario Díaz-Balart, Carlos Gimenez and María Elvira Salazar, who have been lobbying for years to get this license revoked, issued a joint statement on Wednesday, saying there is “no greater ally” for freedom in Venezuela than Trump.

The Biden administration restored most restrictions on the petrostate’s energy sector, but stopped short of revoking the Chevron license. Trump said on Jan. 20 that his administration was reviewing the general license for Chevron.

But the administration allowed the license to automatically renew after a visit to Caracas from Trump’s special envoy, Richard Grenell, in which Maduro agreed to accept Venezuelan nationals deported from the United States and released six Americans held in Venezuelan prisons.

Chevron CEO and Chair Mike Wirth said earlier this month that the company had discussed the waiver with the Trump administration.

A Chevron spokesperson did not immediately reply to questions.

Chevron’s oil exports out of Venezuela reached 294,000 barrels a day in January, the highest level since it resume shipments from its operations there in early 2023, Reuters reported earlier this month citing data from Venezuela’s state-owned company PdVSA. That crude oil went to refineries in the United States, according to the data.

Venezuela produced just over 1 million barrels a day of oil in January, according to data it reported to OPEC.

Eric Bazail-Eimil and Ali Bianco contributed to this report.