Donald Trump has rescinded the oil production concessions granted to Venezuela by Joe Biden, impacting Chevron’s operations in the country. Trump criticized Maduro’s government for not fulfilling electoral obligations and failing to expedite the return of deported criminals to Venezuela. This decision affects Trinidad and Tobago’s energy sector, prompting discussions on future exemptions from US sanctions.
Recent reports indicate that former US President Donald Trump has revoked concessions made by President Joe Biden that allowed Chevron to increase oil production in Venezuela, aimed at exporting crude oil to the US. Trump made this announcement on Truth Social, explicitly stating his intention to “reverse the concessions that crooked Joe Biden gave to Nicolas Maduro, of Venezuela.” He emphasized that these agreements were tied to unmet electoral conditions in Venezuela, along with the failure of the Maduro government to repatriate individuals considered violent criminals in the US. Consequently, he ordered the termination of the Biden ‘Concession Agreement’ effective March 1.
Trump’s decision effectively halts Chevron’s operations in Venezuela, reversing a previous license granted to enhance production. This action raises concerns for Trinidad and Tobago, which has been permitted to exploit gas fields near the Venezuela border. The Prime Minister is expected to engage with the new US administration to discuss potential impacts on energy licenses.
Original Source: newsday.co.tt
