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Investing.com -- U.S. President Donald Trump announced on Wednesday the reversal of an oil transaction agreement with Venezuela, a move that overturns decisions made more than two years ago by his predecessor, Joe Biden. The original agreement, dated November 26, 2022, had authorized Chevron (NYSE:CVX) to expand its oil production in Venezuela and import the country’s crude oil to the U.S.
The announcement was made on Truth Social, where Trump stated he was "reversing the concessions" of the 2022 agreement. However, the post did not specifically mention Chevron, the only company granted a license to operate in Venezuela on that day by the Biden administration. Chevron has also not provided a comment on the matter.
Venezuela’s President Nicolas Maduro and his government have consistently opposed sanctions imposed by the United States and other countries, describing them as illegitimate and part of an "economic war" aimed at destabilizing Venezuela. Despite the sanctions, Maduro and his allies have praised the country’s resilience, although they have also attributed some economic difficulties and shortages to these sanctions.
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