President Trump has revoked Chevron’s permit to operate in Venezuela, citing Maduro’s failure to uphold agreements regarding deported migrants. This move, part of a shift back to stringent sanctions, could severely impact Venezuela’s economy, which relies on Chevron for a significant portion of its oil production. Critics argue that this decision may worsen the already pressing migration crisis. Experts indicate potential for negotiations in the interim.
US President Donald Trump announced he was canceling Chevron’s permit to operate in Venezuela, severely impacting the struggling economy under President Nicolás Maduro. This decision came amid accusations that Maduro had not adhered to agreements regarding deporting Venezuelan migrants from the US following a diplomatic visit from a US envoy. Trump criticized the relaxed sanctions under President Joe Biden, claiming they benefitted Maduro and failed to secure fair elections.
Biden had initially eased sanctions against Chevron in 2022 to facilitate US nationals’ release and promote election fairness. However, as Maduro continued to sideline opposition, Biden reinstated sanctions while maintaining Chevron’s operational allowance to prevent domestic oil price surges. On his social media platform, Trump stated, “We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolas Maduro.”
Chevron, the last remaining US oil presence in Venezuela, had previously halted operations due to earlier sanctions. Upon its return, the company helped revitalize a struggling oil sector, producing approximately 240,000 barrels per day, nearly 25% of Venezuela’s output. Venezuelan officials, including Vice President Delcy Rodriguez, condemned Trump’s action as harmful to both nations, emphasizing the consequences for migration issues.
Rodriguez highlighted that such US sanctions and policies under the Trump administration could exacerbate the migration crisis that saw over seven million Venezuelans flee to other countries. The Trump administration had also indicated intentions to deport around 600,000 Venezuelans shielded under Biden’s policies. Ric Grenell, Trump’s envoy, pressured Maduro to accept citizens back to their home country, leading to the return of undocumented migrants by Venezuelan authorities.
Chevron’s spokesman announced the company was evaluating the implications of the decision, asserting compliance with US laws and sanctions. Economic analyses predict significant repercussions on Venezuela’s economy, particularly concerning inflation and growth rates, should Chevron cease operations entirely. Experts suggest that Chevron may continue operations for several months, providing a window for potential negotiations between Trump and Maduro, hoping for mutual benefits.
Trump’s revocation of Chevron’s operating permit in Venezuela marks a substantial escalation in US sanctions against Maduro’s regime. This action is expected to exacerbate economic challenges in Venezuela while potentially impacting migration patterns. Both governments may seek negotiations in the coming months, but significant economic repercussions are anticipated if Chevron exits the country.
Original Source: www.rfi.fr
