Trump announced the cancellation of the oil agreement with Venezuela on March 1.

The United States will cancel the oil production agreement with Venezuela on March 1. This was announced on February 26 by the American leader Donald Trump.

According to him, Venezuela has not fulfilled the terms of the agreement, which is why it will be canceled.

"We are canceling the concessions that the corrupt [former US President] Joe Biden provided [to the Venezuelan president]. To Nicolas Maduro under the oil deal agreement dated November 26, 2022," Trump wrote on the Truth Social network.

In addition, Trump added that the decision to terminate the "ineffective and unfulfilled" agreement between the countries is also due to the fact that Venezuela has not fulfilled its obligations to return migrants.

Trump on February 19th named Venezuela is an enemy of the United States and recalled that in his first term as president, he imposed sanctions against Caracas. However, the Biden administration began buying billions of dollars' worth of oil from the Latin American state. The American leader also announced that he would ban American companies from buying oil from Venezuela.