Venezuela will reinvest the debt it owes to Chevron Corp. after US President Donald Trump gave the oil giant one month to stop producing oil in the South American nation.

Chevron will have through April 3 to wind down exports from Venezuela, according to an update of the license, published by the U.S. Treasury Department. The Venezuelan communications ministry did not immediately respond to a request for comment on the move. The Office of Foreign Assets Control (OFAC) Department did not provide further guidance.

Venezuela's exports of crude and fuel rose in February to their highest since November, vessel monitoring data showed, as the U.S. prepared to terminate a key license that allows oil major Chevron to operate and ship crude from the country.

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.

Experts say this move could spell recession for Venezuela, and more people fleeing the country. Read more at straitstimes.com.

The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States,

The move — announced by Trump in a Truth Social post last week — will be a major blow to Venezuela. Chevron produces about a fifth of Venezuela’s crude annually, according to analysts at the Rystad Energy research firm, and losing the ability to export to the U.S. will be a blow to the country’s already floundering economy.

Tax and royalty payments resulting from Chevron's license have provided a steady source of revenue to Maduro's administration since early 2023, a source familiar with Venezuela's oil industry said. The money has lifted Venezuela's economy, especially its oil-and-banking sectors, which expanded last year.

U.S. oil company Chevron will have until April 3 to cease operations in Venezuela, according to the most recent license published by the U.S. Treasury Department, days after President Donald Trump announced his decision to reverse concessions to Venezuelan oil.

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