Trump Reverses Biden’s Venezuela Oil Concessions Amid Election Controversy
President Donald Trump has revoked oil production concessions previously granted to Venezuela under his predecessor, Joe Biden, citing a lack of progress on election reforms and immigration enforcement by President Nicolas Maduro, Al Jazeera reports.
“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolas Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with Electoral conditions within Venezuela, which have not been met by the Maduro regime,” Trump wrote on social media.
The move reverses a 2022 decision by the Biden administration to grant US energy giant Chevron a license to expand production in Venezuela’s oil-rich nation.
In October 2023, Maduro’s administration signed the Barbados Agreement, committing to free and fair elections with international observers. The US responded by relaxing oil sanctions against Venezuela.
However, in the lead-up to the 2024 presidential election, Maduro’s government faced criticism for repressive actions against the political opposition. Key rivals, including Maria Corina Machado and Corina Yoris, were barred from running.
Despite opposition candidate Edmundo Gonzalez initially appearing poised to challenge Maduro, the election authority declared Maduro the winner on July 28 without providing the usual breakdown of voting tallies, fueling allegations of a rigged election. Maduro was sworn into office for a third term on January 10.
Trump’s reversal signals a potential return to a more hardline approach towards Venezuela. During his first term (2017-2021), Trump imposed severe sanctions and a “maximum pressure” campaign on Venezuela, even offering a $15 million reward for information leading to Maduro’s arrest.
However, Trump’s current platform includes “mass deportation,” requiring countries to accept returning migrants. Earlier this month, it was announced that Venezuela and the US reached an agreement to increase collaboration on immigration enforcement, allowing the US to deport some Venezuelans.
Critics have raised concerns about deporting individuals to Venezuela, citing potential persecution by the government, particularly for those who deserted the armed forces. The Trump administration has also explored warehousing Venezuelan immigrants at Guantanamo Bay.
Several members of Trump’s foreign policy team have a history of hawkish statements on Venezuela, with some advocating for replacing the Maduro government. On Wednesday, Secretary of State Marco Rubio called Maduro a “horrible dictator” but remained ambiguous when asked if he would demand Maduro step down.
