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.

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.

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

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.

CVX gets a 30-day deadline to wrap up its operations in Venezuela, giving a major blow to U.S. refiners and Venezuela's 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.

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 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.