The Trump administration said on Tuesday it was ending a license that the U.S. has granted to U.S. oil producer Chevron since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

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.