Trump Ends Chevron's Venezuela Oil License Over Election and Deportation Disputes

The decision reverses a Biden-era agreement, potentially impacting Venezuela's economy and U.S. oil supply dynamics.

President Trump announced the termination of Chevron's license to export Venezuelan oil, citing unmet electoral reforms and slow deportation processes by Venezuela's government.
The Biden administration had granted Chevron the license in 2022 to aid Venezuela's economy in exchange for democratic reforms and migrant agreements, which Trump claims were not fulfilled.
Chevron's operations accounted for nearly a quarter of Venezuela's oil output, and the license's cancellation could reduce the country's oil export revenue by up to $4.5 billion annually.
Venezuelan officials criticized the decision as harmful and warned of potential economic repercussions, including increased inflation and migration pressures.
Analysts suggest the move could lead to higher oil prices in the U.S., while Trump administration officials argue domestic production can offset supply disruptions.