The Trump administration announced late Wednesday that it is revoking Biden administration-issued licenses for oil and gas development in Venezuela

President Donald Trump revoked a license granted to Chevron by his predecessor, Joe Biden, two years ago. Trump announced the decision in a late Wednesday post on Truth Social. The decision comes as Trump accuses Venezuelan President Nicolás Maduro of failing to make the necessary headway on election changes and migrant returns.

The move appeared to end Chevron’s work in the oil-rich country and was prompted by what the president said was a failure to accept deportees.

Trump announced he is reversing Biden-era oil concessions to Venezuela, citing Maduro's failure to meet electoral promises and deport migrants.

President Donald Trump says he is reversing a Biden-era grant allowing Chevron to operate within Venezuela on Wednesday. Trump detailed the decision in a lengthy post on Truth Social, stating that Venezuelan President Nicolas Maduro had not upheld his end of the bargain.

President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.