Since it first imposed sanctions on Venezuela's energy sector in 2019, the United States has granted individual licenses to some oil companies that allow them to export the South American country's oil to specific destinations.

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,

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