The Trump administration is preparing to issue a narrowly tailored license to Chevron Corp., allowing the oil producer to conduct minimal maintenance of essential operations in Venezuela, according to people familiar with the matter.

Oil producer Chevron's U.S. license to operate in Venezuela will expire on May 27 as planned, Secretary of State Marco Rubio said in a post on his personal X account.

U.S. Secretary of State Marco Rubio announced Wednesday night that a key U.S. oil license allowing energy giant Chevron to operate in Venezuela will expire as scheduled next Tuesday — contrary to reports that the Trump administration was willing to extend a measure that critics claim would benefit the embattled regime of Nicolás Maduro.