Trump: ‘Concession Agreement’ with Venezuela will be terminated

President Trump said the Biden-era “Concession Agreement” with Venezuela will be terminated as the country takes too long to take back its deportees.

“I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1st option to renew,” Trump said on Truth Social. “Thank you for your attention to this matter!”

Trump said he would be “reversing the concessions” from the “oil transaction agreement” from Nov. 26, 2022.

That day, President Biden allowed Chevron to pump oil in Venezuela. The country has the largest oil reserves of any single nation, but U.S. sanctions and lack of investing funds have limited Venezuela’s ability to produce. Biden eased years-long sanctions through that action.

While Trump didn’t explicitly call out Chevron in his post, the U.S. didn’t issue any additional licenses that day, Reuters noted.

The decisions are intertwined with Venezuela President Nicolás Maduro’s time in office.

In his post, Trump slammed the “Electoral conditions” within Venezuela and argued Maduro’s regime failed to meet the concessions given by Biden.

“Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ U.S.A.) back to Venezuela at the rapid pace that they had agreed to,” Trump said.

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