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.

The Trump administration formally revoked on Tuesday the license that allows oil giant Chevron Corp. to sell Venezuelan oil in the United States, giving the U.S. company only 30 days to wind down its operations in the South American country.

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.

The Treasury Department said Chevron has 30 days to wind down operations in the country.

The Trump administration made a dramatic move Tuesday, ceasing an important operating license the American oil giant Chevron needed to operate in Venezuela. The decision follows Washington’s condemnation of President Nicolás Maduro’s government for not making concrete advances on key electoral reforms.