President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.

One of the key reasons Venezuela’s economy is slowly recovering from the worst collapse in modern history is an oil giant 2,200 miles away: Chevron Corp.

The move appeared to end Chevron’s work in the oil-rich country and was prompted by what the president said was a failure to accepted deportees.

The U.S. government has reversed a prior decision allowing Chevron to operate in Venezuela, drawing criticism from Venezuelan Vice President Delcy Rodriguez. President Trump cited a lack of electoral reforms and migrant returns as reasons for retracting oil concessions previously restored under President Biden's administration.

United States President Donald Trump has announced a reversal of the concessions granted in an oil transaction agreement with Venezuela by his

President Trump said the Biden-era “Concession Agreement” with Venezuela will be terminated as the country takes too long to take back its deportees. “I am therefore ordering that the ineffective

Venezuela President Nicolas Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “ec

A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week, President Donald Trump announced Wednesday, ending what became a financial lifeline for the South American country.