Trump ends Chevron permit in major blow to Venezuela

US President Donald Trump said Wednesday he was revoking permission for oil giant Chevron to operate in Venezuela. Former president Joe Biden in 2022 eased sanctions and gave Chevron permission to operate in Venezuela in return for a promise by Maduro to allow fair elections.

Biden reimposed most sanctions as it became clear that Maduro was sidelining the opposition but maintained the concession to Chevon, in part out of concern of causing a spike in oil prices in the United States before elections. 

Chevron, which had previously stopped production of oil in Venezuela in 2018 due to earlier Trump sanctions, has helped revive the country's oil sector which has declined precipitously since the 1990s. 

The US company pumps around 240,000 barrels a day from Venezuela, or nearly one quarter of the country's total output. Chevron spokesman said that the company was aware of the decision and "considering its implications."