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.

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 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 will end Chevron's conditional license to operate in Venezuela. Read more to see my recommendation for CVX.

Treasury is preparing to take action to wind-down General License 41 and other specific licenses as appropriate,” the Office of Foreign Asset Control (OFAC) said in a brief

Chevron Corporation CVX is facing a significant setback with the U.S. government revoking its conditional license to operate in Venezuela. The company has been given just 30 days to wind down operations,

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.