Authored by Julianne Geiger via OilPrice.com,

The U.S. Treasury just gave Chevron Corp. a short 30-day eviction notice from Venezuela, cutting off its ability to pump and sell crude from the sanctioned country. 

The decision, following Trump's vow to reverse Biden's oil concessions to Nicolás Maduro and the cancellation of a sanction waiver just days ago, is a seismic shift that could slam both Venezuela's already fragile economy and U.S. refiners relying on its heavy crude.

The standard wind-down period is 6 months, according to Bloomberg.

For Chevron, this is a hard stop after years of carefully maneuvering U.S. sanctions. The oil giant was responsible for about 20% of Venezuela's total production, providing a rare source of economic stability and desperately needed hard currency. That revenue—estimated at $6 billion—was one of the few things keeping the country from total collapse.