President Donald Trump revoked a license granted to Chevron by his predecessor, Joe Biden, two years ago. Trump announced the decision in a late Wednesday post on Truth Social. The decision comes as Trump accuses Venezuelan President Nicolás Maduro of failing to make the necessary headway on election changes and migrant returns.

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The Trump administration on Tuesday gave Chevron 30 days to stop oil production in Venezuela after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said. The money has lifted Venezuela's economy, especially its oil-and-banking sectors, which expanded last year.

U.S. President Donald Trump's administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron since 2022 to operate in

CARACAS, Venezuela (AP) — 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 ...