The U.S. Treasury followed through on President Donald Trump’s pledge to stop Chevron from pumping and selling Venezuelan crude, delivering a major blow to Nicolas Maduro’s autocratic regime, Bloomberg reports.
The department set a deadline of April 3 for Chevron to wrap up its operations in Venezuela, giving the company just 30 days instead of the normal six-month wind-down period.
The short time frame is an unexpected blow to Maduro, significantly ratcheting up pressure on him to quickly make a deal with Trump.
Chevron shares fell 1.3% after the decision was announced Tuesday morning. The measure reverses the Biden administration’s decision to allow the U.S. oil major to ship heavy Venezuelan crude to refineries on the Gulf Coast.
Chevron, which has a joint-venture with Venezuela’s state oil company, has ramped up production in recent years to supply about 20% of the nation’s overall output.
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