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United States President Donald Trump has announced a reversal of the concessions granted in an oil transaction agreement with Venezuela by his predecessor, Joe Biden, more than two years ago.
In a post on Truth Social on Wednesday, Trump stated that he was “reversing the concessions” of the “oil transaction agreement, dated 26 November 2022.”
That agreement, made in 2022, allowed the Biden administration to grant Chevron a licence to expand its production in Venezuela and export the country’s crude oil to the United States.
However, Trump did not mention Chevron in his post.
“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated 26 November 2022, and also having to do with electoral conditions within Venezuela, which have not been met by the Maduro regime,” Trump said.
“I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the 1 March option to renew. Thank you for your attention to this matter!” he added.
Meanwhile, Venezuelan President Nicolás Maduro and his government have consistently rejected U.S. sanctions, describing them as illegitimate measures amounting to an “economic war” designed to cripple Venezuela.
In other news, Elon Musk, the billionaire titan of technology and innovation, is slated to make a striking appearance at President Donald Trump’s inaugural Cabinet meeting of his second term on Wednesday, February 26, 2025—a bold testament to the outsized sway he wields within the administration.
White House Press Secretary Karoline Leavitt affirmed Musk’s presence on Tuesday, spotlighting the SpaceX and Tesla trailblazer who has taken the reins of the administration’s nascent Department of Government Efficiency (DOGE), a role that underscores his burgeoning influence in the federal sphere.
Leavitt revealed that Musk will outline DOGE’s mission, shedding light on “how each Cabinet secretary is pinpointing inefficiencies, rooting out fraud, and tackling misuse within their agencies”—a preview of his ambitious blueprint to overhaul government operations.
Traditionally, Cabinet gatherings are an exclusive affair, reserved for the president, vice president, White House chief of staff, and the cadre of presidentially appointed secretaries steering the nation’s top departments—an elite circle Musk now conspicuously infiltrates.
