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 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.

President Donald Trump announced Wednesday that in March Chevron will no longer have a license to produce and export oil in Venezuela.

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

The revoked waiver affords the oil giant a six-month wind-down period in the wake of Washington’s ramped-up sanctions.

US Treasury Department’s Office of Foreign Asset Control orders Chevron to wind down joint venture operations by 3 April

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.