President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.

U.S. President Donald Trump on Wednesday said he was reversing oil concessions given to OPEC-member Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

President Trump said the Biden-era “Concession Agreement” with Venezuela will be terminated as the country takes too long to take back its deportees. “I am therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated as of the March 1st option to renew,

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,

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.

By Matt Spetalnick, Marianna Parraga and Timothy Gardner WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago,

The move appeared to end Chevron’s work in the oil-rich country and was prompted by what the president said was a failure to accepted deportees.

Chevron (NYSE:CVX) shares slide into the red in Wednesday's trading, -1.1%, after President Trump said he plans to revoke an oil license to operate in Venezuela, citing the country’s failure to take back migrants to the U.

Trump announced he is reversing Biden-era oil concessions to Venezuela, citing Maduro's failure to meet electoral promises and deport migrants.