President Donald Trump is shutting down a Biden-era grant that let Chevron operate in Venezuela.
He announced the decision Wednesday on Truth Social. He accused Venezuelan President Nicolas Maduro of failing to uphold his promises.
"We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro," Trump wrote. He claimed Maduro didn't meet the agreed electoral conditions or send back criminals to Venezuela fast enough.
"I am therefore ordering that the ineffective and unmet Biden 'Concession Agreement' be terminated as of the March 1st option to renew," Trump added.
Venezuelan Vice President Delcy Rodriguez fired back on Telegram. She called the decision "inexplicable" and a "failed decision."
Rodriguez also criticized the move, saying, "The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron."
U.S. Secretary of State Marco Rubio weighed in on X. He vowed to end all Biden-era oil and gas licenses that "shamefully bankrolled the illegitimate Maduro regime."
Chevron exports 240,000 barrels of Venezuelan crude daily, over a quarter of the nation’s oil output.
Since returning to office in January, Trump has said the U.S. doesn’t need Venezuelan oil. He hinted he might pull Chevron’s license and is reviving his "maximum pressure" sanctions against Maduro.