President Trump said on Wednesday that he would withdraw a policy from the Biden era so that more oil could be produced and exported in Venezuela, so that the government of the country and Chevron, who produces oil there.
Mr. Trump did not mention Chevron in his position on Truth Social, and only said that he would reverse the concessions that were granted on November 26, 2022. That is when the Ministry of Finance gave Chevron permission to expand the operations in Venezuela. The license is on March 1 for extension.
“The regime did not transport the violent criminals that they sent our country (the good ole 'USA) to Venezuela at the rapid pace they had agreed,” said Mr. Trump.
A Chevron spokesperson said the company assessed the implications of Mr Trump's statement. Chevron, the second largest American oil company, has long been operated on in Venezuela.
Asked for Venezuela last month, said Chevron's Chief Executive, Mike Wirth, that the company was aimed at keeping staff safe and following the law. “We have not established a policy,” he said about the company's profit call at the end of the company. “We go with the government to help them inform them about the possible consequences of policy choices, and we will continue to do this.”
Oil is the backbone of the deeply difficult economy of Venezuela. The country is supposed to have the world's greatest oil reserves, but the government of President Nicolás Maduro has difficulty taking advantage of those resources due to maladministration and sub -investment in its state -owned company.
The Vice President of Venezuela, Delcy Rodríguez, called Mr. Trump's move “a harmful and inexplicable decision” in a position on social media. She added that it harms the Venezuelan people, in reality the United States, its population and its companies damages. “She added that the decision would probably increase the migration of Venezuelans, with 'well -known consequences'.
The Ministry of Finance did not respond to a request for comments.
The oil prices of the US were not changed much on Wednesday afternoon and float around $ 69 per barrel.
The United States stopped importing oil from Venezuela for several years after Mr. Trump had placed sanctions against the state companies of the country during his first term during his first term. The input was resumed after the BIDEN administration at the end of 2022 gave permission from Chevron permission to export oil that it produced in Venezuela.
But the United States are much less dependent on Venezuelan oil than it once was. It imports around 226,000 barrels from the country, equal to around 1 percent of American demand, according to the Energy Information Administration. Venezuela produces a denser, more viscous type of oil that is not common in the United States. Refineries in the United States are designed to work on a mix of those heavier oil and lighter varieties produced in their own country.
