Trump Cancels Venezuela Oil Agreement After Deportation Deal Falls Apart

The Trump administration has officially revoked a major oil deal with Venezuela, ending a Biden-era concession that had allowed Chevron to continue operations in the country. The move comes after the Maduro regime failed to follow through on its promise to take back illegal migrants, including members of a violent criminal gang.

Trump announced the decision on Truth Social, saying he was “reversing the concessions” from a 2022 oil agreement. While the post did not mention Chevron by name, the company was the primary beneficiary of the policy.

The agreement had been tied to Venezuela’s pledge to accept deported migrants, particularly criminals associated with the Tren de Aragua gang. However, the administration determined that Venezuela had not fulfilled its end of the deal, prompting Trump to revoke the license.

The market reaction was swift, with Venezuelan oil bonds dropping after Trump’s announcement. With Chevron ordered to cease operations by July, the country now faces further economic uncertainty.

Chevron had not significantly expanded its investments under the Biden concession but had focused on maintaining existing oil production and recovering debts. The revocation of the license will force the company to completely withdraw from Venezuela.

By cutting off the oil deal, Trump is making it clear that his administration will not reward foreign governments that fail to meet their commitments. The decision is part of a broader effort to enforce immigration policies and hold nations accountable for agreements made with the U.S.

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