Trump Ends Chevron's Oil License, Pressures Maduro

President Donald Trump announced the termination of Chevron's license to operate in Venezuela, a significant policy shift aimed at increasing pressure on President Nicolás Maduro's government. This decision reverses the Biden administration's earlier concessions, which allowed Chevron to pump and export Venezuelan oil, crucial for the nation's economy. Trump criticized Maduro for failing to fulfill electoral promises and for delays in deporting immigrants, indicating a renewed 'maximum pressure' strategy against the Venezuelan regime. The revocation, effective March 1, could drastically reduce Venezuela's oil output, potentially dropping below 500,000 barrels per day, impacting government revenue and public services. Venezuelan Vice President Delcy Rodriguez condemned the move, arguing it exacerbates migration issues, while opposition leader Maria Corina Machado praised Trump's decision as a commitment to Venezuelan democracy. Chevron is currently evaluating the implications of this policy change on its operations in Venezuela.