Trump orders Chevron to wind down Venezuela operations

The Trump administration on Tuesday ordered Chevron Corp. to "wind down'' operations in Venezuela by December 1, barring the California-based oil giant in the meantime from drilling or exporting, as the U.S. increases pressure on President Nicolas Maduro to give up power.
Chevron is the last major U.S. oil company to do business in crisis-wracked Venezuela, investing in the South American nation's oil fields and machinery over the last century with an estimated value of $2.6 billion, which analysts say Maduro's government will likely take over.
It's the latest in a series of steps the White House has taken against Maduro, quickening the pace of its push to end his presidency and more than 20 years of socialist rule that critics blame for leading the once rich oil-producing nation to economic and political ruin.
Venezuela sits atop the world's largest oil reserves, yet its political upheaval and economic crunch have led 4.5 million people in recent years to flee their native country, where many lack basic services like running water, electricity, gasoline and functioning hospitals.
After levying a series of financial and economic sanctions on Maduro and his allies, the Trump administration has waged a campaign of maximum pressure in recent weeks. U.S. federal prosecutors have indicted Maduro as a narcotrafficker, putting a US$15 million bounty on his head, while sending warships and planes to intercept illegal drug shipments crossing the Caribbean bound for the United States.
U.S. officials also unveiled plans for a transitional government to hold a presidential election years before Maduro's current term ends. Maduro has rejected the demands of the U.S. and dozens of other nations that he resign, saying Washington is conspiring against Venezuela's socialist revolution so it can steal its oil.-AP