A permit issued by the United States government allowing energy giant Chevron Corp. to pump and export Venezuelan oil will be terminated this week.

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,

President Trump said Wednesday that he’s canceling a Biden-era economic reprieve for Venezuela — a move that will cause Caracas to lose roughly 34% of its oil export market. “We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro,