Venezuela will reinvest the debt it owes to Chevron Corp. after US President Donald Trump gave the oil giant one month to stop producing oil in the South American nation.

Venezuelan President Nicolas Maduro on Wednesday said his government would continue producing oil, a day after the United States gave energy giant Chevron a month to stop operations in the Caribbean country.

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.