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 Trump administration confirmed Tuesday that it will end a license the U.S. had granted to Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, following through on Trump's recent pledge to stop the company from pumping and selling Venezuelan crude.

The move — announced by Trump in a Truth Social post last week — will be a major blow to Venezuela. Chevron produces about a fifth of Venezuela’s crude annually, according to analysts at the Rystad Energy research firm, and losing the ability to export to the U.S. will be a blow to the country’s already floundering economy.

Venezuelan oil contractors are continuing their work with Chevron Corp. and have not been warned of an impending shutdown despite a US government deadline to stop producing oil there by early April.

Facing the imminent withdrawal from Venezuela of U.S. oil giant Chevron Corp. , strongman Nicolás Maduro is rolling out the red carpet to other foreign oil companies, saying that all of them would be welcome to set up shop in the South American country.