Chevron has terminated the oil production, service and procurement contracts it had to operate in Venezuela, delegating its joint-venture governance to its partner, state company PDVSA, but it plans to retain its direct staff in the country,

The US has said it will not renew Chevron’s oil licence in Venezuela, as Donald Trump’s administration hardens its stance towards President Nicolás Maduro’s authoritarian government.

The Trump administration issued a stripped-down license to Chevron Corp. to remain in Venezuela, allowing the company to conduct minimal maintenance on equipment but prohibiting it from producing oil in the sanctioned South American nation.