The Trump administration on Tuesday gave Chevron 30 days to stop oil production in Venezuela after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

The US administration of Donald Trump is giving Chevron Corp. one month to stop producing oil in Venezuela, delivering a heavy blow to President Nicolas Maduro’s autocratic regime.

Venezuelan President Nicolas Maduro on Wednesday said his government would continue producing oil, a day after the United States gave energy giant Chevron a month to stop operations in the Caribbean country.

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.

The Trump administration said on Tuesday it was ending a license that the U.S. had granted to oil producer Chevron since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.

The Treasury Department moved Tuesday to formally rescind a Biden-era license allowing Chevron to pump oil in Venezuela, giving the company 30 days to wind down operations as the Trump administration pressures President Nicolás Maduro.

The United States on Tuesday gave energy giant Chevron just one month to stop its operations in Venezuela, delivering a heavy blow to cash-strapped authorities in Caracas.

The Trump administration confirmed Tuesday that it will end a license the U.S. had granted to Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, following through on Trump's recent pledge to stop the company from pumping and selling Venezuelan crude.