A permit issued by the US 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.

Trump’s announcement in his Truth Social network accused the government of President Nicolás Maduro of not meeting democratic conditions for last year’s July presidential election as well as of not moving fast enough to transport back to Venezuela immigrants set for deportation.

“We are reversing the concessions that Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement,” Trump wrote.

Trump’s post did not specifically mention California-based Chevron nor the permit, formally known as a general licence, that exempts the company from economic sanctions and allows it to export and sell Venezuelan oil in the US. But it is the only Venezuela-related licence whose issuance and renewal information match the dates Trump did mention in his social media post.

The administration of President Joe Biden authorized the licence in 2022 after Maduro agreed to work with Venezuela’s political opposition toward a democratic election. But the election, which took place in July 2024, was neither fair nor free, and Maduro was sworn in last month for a third six-year term despite credible evidence that his opponent got more votes.