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.

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. But a Treasury Department unit said Tuesday that Chevron must stop pumping within 30 days,

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,

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.

The move, set to take effect March 1, comes as the Trump administration resets foreign relation policies stretching back decades.

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 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.

U.S. President Donald Trump's administration said on Tuesday it is ending a license that it had granted to U.S. 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.