UPDATE - US reversing concessions to Venezuela on oil transaction deal: Trump

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By Diyar Guldogan

WASHINGTON (AA) - President Donald Trump said Wednesday that the US is reversing "concessions" to Venezuela on an oil transaction agreement.

"We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with Electoral conditions within Venezuela, which have not been met by the Maduro regime," Trump said on Truth Social.

Additionally, Trump said Venezuela has not been transporting the "violent criminals" that they sent into the US back to Venezuela at the "rapid pace" that they had agreed.

"I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1st option to renew. Thank you for your attention to this matter!" he added.

In 2022, the former administration of President Joe Biden eased some oil sanctions on Venezuela, marking the first significant crack in a years-long US embargo.

The US Treasury Department issued Venezuela General License 41, which authorizes Chevron -- one of the leading private oil companies in Venezuela -- to "resume limited natural resource extraction operations in Venezuela."

The move came after Maduro held talks with the Venezuelan opposition in Mexico City and signed a broad "social accord" to create a UN-administered fund to provide humanitarian aid to Venezuelans.