This is reported by RBK-Ukraine referencing Bloomberg. It is also mentioned by Kontrakty.UA.
“We are canceling the concessions that Joe Biden granted to Nicolas Maduro regarding the oil deal," Trump wrote on Truth Social on Tuesday.
In his post, the American president stated that he ordered the termination of the agreement dated November 26, 2022, "starting March 1, when there was an opportunity to extend it."
Trump claimed that Venezuela did not meet the conditions of the agreement with the U.S. concerning oil production, and therefore, it will be annulled.
He also noted that the decision to terminate the agreement is related not only to violations of the oil deal's conditions. According to Trump, Caracas is failing to fulfill its obligations to return migrants that it "sent" to the U.S.
Oil Deal
Bloomberg highlights that under this oil agreement, the American company Chevron Corp. was granted permission to extract and sell oil in Venezuela, despite sanctions against President Nicolas Maduro's government. According to the license's terms, Chevron was required to leave Venezuela by the end of July.
Trump's move signifies an increase in restrictions from the U.S. concerning the South American country following the controversial elections that extended Maduro's rule and the large-scale repression against his political opponents. The loss of Chevron will be a significant blow to Venezuela's economic recovery, which, with the assistance of the American company, had boosted oil production to over 1 million barrels per day, the publication states.
Recall that about a month ago, Axios reported, citing sources, that the administration of U.S. President Donald Trump wants a regime change in Venezuela. Specifically, for Nicolas Maduro to leave his position as head of state. However, it is currently unclear how this can be achieved.