President Donald Trump said he plans to revoke Chevron Corp.’s oil license to operate in Venezuela, threatening to torpedo the nation’s slow economic recovery.

The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States,

VLCC owners could see higher long-haul demand if US president Donald Trump scraps the country’s crude import deal with Venezuela. Trump said this week he intended to revoke trading licences with the Maduro regime.