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 says he is reversing a Biden-era grant allowing Chevron to operate within Venezuela on Wednesday. Trump detailed the decision in a lengthy post on Truth Social, stating that Venezuelan President Nicolas Maduro had not upheld his end of the bargain.

The US president said Venezuela had not lived up to its promises on taking back deported migrants.

President Donald Trump’s announcement marked an abrupt reversal of his administration’s outreach to Venezuela’s Nicolás Maduro.

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,

U.S. President Donald Trump's cancellation of licenses for foreign oil companies to operate in sanctioned Venezuela will reduce the dollars on offer in the country's exchange market, stoking depreciation of the local bolivar currency and prices,

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

US President Donald Trump’s plan to revoke Chevron Corp.’s operating license in Venezuela threatens to force the nation’s oil sector back into the shadows, paving the way for corruption and huge discounts in the Asian market.

Oil prices rose more than 2% on Thursday as supply concerns resurfaced after U.S. President Donald Trumprevoked a licence granted to U.S. oil major Chevron to operate in Venezuela.