Trump to End Chevron's Venezuela License March 1

President Donald Trump announced plans to terminate Chevron's license to produce and export oil in Venezuela, reversing a 2022 concession made by the Biden administration. The decision comes amid allegations that Venezuelan President Nicolás Maduro failed to meet agreed-upon electoral conditions and did not expedite the repatriation of Venezuelan deportees. The revocation of this license, which Chevron had been using as a financial lifeline for Venezuela, is set to take effect on March 1. This move could significantly impact Venezuela's struggling economy, as Chevron's operations account for roughly 20-25% of the country's oil production. Venezuelan officials criticized the decision, arguing it would harm U.S. investments and worsen migration issues. Chevron stated it is assessing the implications of this development, while the U.S. State Department has yet to comment further.