President Donald Trump has declared that the US will reverse “concessions” made under the Biden administration regarding its oil transaction agreement with Venezuela, citing unmet electoral reforms and dissatisfaction with deportation efforts.

“I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1 option to renew. Thank you for your attention to this matter!” Trump wrote on Truth Social on Wednesday.

Trump accused Venezuelan President Nicolas Maduro of failing to make progress on election reform and immigration enforcement.

“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,” he said.

Biden’s oil agreement with Venezuela

The Biden administration had eased certain financial restrictions on Venezuela’s oil sector in a bid to encourage free and fair elections. However, some sanctions were reinstated after Maduro blocked opposition candidate Maria Corina Machado from running in the presidential election.

In 2022, Biden issued a license to Chevron, allowing the US energy giant to expand oil production in Venezuela to reduce global supply pressures.

In October 2023, the Maduro administration signed the Barbados Agreement, committing to international election oversight. However, Trump’s move signals an end to these agreements.

Chevron’s license revoked

Though Trump did not directly name Chevron, his statement implies that the oil extraction license granted to the company will not be renewed on March 1.

Venezuelan Vice President Delcy Rodriguez condemned the decision, calling it “damaging and inexplicable.”

“The US government has made a damaging and inexplicable decision by announcing sanctions against the US company Chevron. In its attempt to harm the Venezuelan people, it is in fact hurting the United States, its population, and its companies,” Rodriguez said in a statement.

Tensions over Venezuelan immigrants

The Trump administration has also been accused of warehousing Venezuelan immigrants at Guantanamo Bay, a military base known for detaining suspected terrorists.

While US officials claim the detainees include violent gang members, reports suggest that many have no serious criminal records apart from immigration-related charges.

Several members of Trump’s foreign policy team have long supported a more aggressive approach toward Venezuela, with some advocating for a US-friendly government replacement.