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.

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.

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.