The Trump administration is giving Chevron Corp. one month to stop producing oil in Venezuela, delivering a heavy blow to Nicolas Maduro’s autocratic regime. The U.S. Treasury set an April 3 deadline for the oil major to wrap up operations,

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 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.