Trump Revokes Chevron’s Oil-Production Concessions in Venezuela

President Donald Trump has reversed oil-production concessions given to Venezuela by Joe Biden, specifically targeting the agreement allowing Chevron to expand operations. He cited unmet electoral conditions and issues with criminal repatriation as justifications for his actions. Trinidad and Tobago’s energy agenda may be affected as they seek clarifications and extensions regarding their agreements with the US.

Reports indicate that US President Donald Trump has rescinded oil-production concessions previously granted to Venezuela by former President Joe Biden. Trump made this announcement through a post on Truth Social, asserting that he is “reversing the concessions” made in the oil transactions agreement from November 26, 2022. Trump criticized the Maduro government for failing to meet electoral conditions and not returning criminals to the US, leading to the termination of Biden’s agreement effective March 1.

In summary, Trump’s recent decision to revoke the concessions permitting Chevron to expand oil production in Venezuela underscores a significant policy shift from the Biden administration. This revocation is based on unmet electoral conditions and issues regarding criminals. Trinidad and Tobago’s energy considerations may also be influenced by this policy change and ongoing negotiations for exemptions.

Original Source: newsday.co.tt