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.

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,

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,

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.

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

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.

A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week, President Donald Trump announced Wednesday, ending what became a financial lifeline for the South American country.