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 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.

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 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. has 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.

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.

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