The concessions made by his predecessor, Joe Biden, in an oil transaction agreement with Venezuela more than two years ago have been reversed, according to U.S. President Donald Trump.

Trump claimed to be “reversing the concessions” of the “oil transaction agreement, dated 26 November 2022” in a post on Truth Social on Wednesday.

The Biden administration was able to provide Chevron a license to increase its production in Venezuela and sell the nation’s crude oil to the US because to that 2022 deal.

But in his post, Trump made no mention of Chevron.

“We are reversing the concessions that Crooked Joe Biden made to Venezuelan President Nicolás Maduro on the oil transaction agreement, dated November 26, 2022, and also pertaining to electoral conditions in Venezuela that the Maduro regime has failed to meet,” Trump declared.

As a result, I’m directing that the Biden “Concession Agreement,” which is ineffectual and unfulfilled, be terminated with the opportunity to renew on March 1. I appreciate your consideration of this issue,” he continued.

In the meantime, Venezuelan President Nicolás Maduro and his administration have continuously denied U.S. sanctions, calling them illegal actions that amount to a “economic war” that aims to destroy Venezuela.