President Trump plans to reverse a policy that permitted Chevron to expand oil production in Venezuela, which could severely impact the country's economy that largely relies on oil. This decision comes ahead of the license renewal deadline on March 1, following a 2022 authorization. Trump criticized the Venezuelan regime for failing to return criminals to the U.S. Chevron stated they are assessing Trump's announcement and reiterated their commitment to legal compliance and safety. Venezuelan officials condemned the decision, warning it might exacerbate emigration issues.
President Trump announced that he would revoke a Biden-era policy that allowed more oil production and export from Venezuela, which could harm the Venezuelan economy.
Venezuela's vice president criticized Trump's decision as harmful and inexplicable, suggesting it would ultimately affect the U.S. and drive more migration from the country.
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