WASHINGTON D.C. – Former U.S. President Donald Trump announced on Wednesday that he is reversing the oil agreement with Venezuela, a move that overturns the policy established by his successor, Joe Biden, more than two years ago. The original agreement, which was reached in 2022, allowed Chevron, a major oil company, to expand its production operations in Venezuela and import crude oil to the U.S. 

Trump made the announcement via a post on Truth Social, where he stated that he was reversing the "concessions" made in the 2022 deal. However, the post did not specifically mention Chevron by name. As of now, the company has yet to comment on the situation. 

The Venezuelan government, led by President Nicolás Maduro, has consistently opposed the sanctions imposed by the U.S. and other countries, calling them illegitimate and part of an "economic war" aimed at destabilizing Venezuela. 

Following Trump's announcement, oil prices saw an increase for the first time in three days, driven by concerns over supply after the former president declared the reversal of the license granted to Chevron to operate in Venezuela.