A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week.
The Trump administration’s decision to revoke the licenses allowing Chevron and other international companies to produce oil in Venezuela is likely to have a debilitating impact on the Caracas regime’s finances and limit the ability of strongman Nicolás Maduro to keep his ruling coalition together.
Trump announced he is reversing Biden-era oil concessions to Venezuela, citing Maduro's failure to meet electoral promises and deport migrants.