The Trump administration said 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.
Chevron will have through April 3 to wind down exports from Venezuela, according to an update of the license, published by the U.S. Treasury Department.
A Chevron spokesperson said the company was aware of Trump's directive and would abide by any direction given by Treasury to implement it.
Chevron's joint ventures with state oil company PDVSA represent over a quarter of the country's entire oil output.
