In a significant policy shift, Trump has revoked several oil licenses previously granted to Venezuela, marking a decisive move against the Maduro regime. The cancellation of Chevron’s permit, along with other concessions made by the Biden administration, comes as Trump cites insufficient electoral reforms and slow deportation assistance as reasons for the revocation. The decision is expected to cut a crucial financial lifeline for Venezuela, potentially impacting oil export operations to the U.S. and raising concerns about the effects on global oil prices. Chevron has responded to the announcement, recognizing the challenges ahead amidst tightened sanctions and the ongoing economic struggles in Venezuela.