quote:
March 20 (Reuters) - U.S. President Donald Trump's administration is considering a plan to extend Chevron's (CVX.N), license to pump oil in Venezuela by at least 60 days, according to two people familiar with the matter.

The administration had announced in February that it would scrap the U.S. company's license to operate in Venezuela, and gave it until early April to wrap up its business in the South American country.

Chevron CEO Mike Wirth and other top U.S. oil company executives met with Trump at the White House on Wednesday to discuss issues facing the industry.

quote:
A White House official told Reuters it had no new announcement to share on Chevron and that the White House does not comment on the specifics of the president's private meetings.

A Chevron spokesperson also declined to comment on the specifics of the report but added in an emailed response to Reuters that company executives regularly hold meetings with government officials in Washington on issues related to its business in the United States and abroad.

One of the sources told Reuters the administration was considering extending Chevron's license by 60 days and possibly more, but reversing the broader U.S. decision to ultimately end Chevron's license to operate in Venezuela was not being discussed.

The other source told Reuters the administration was mulling an extension of at least 60 days, after which the U.S. could impose a system to further pressure Venezuela's oil industry.

That system could include sanctions on ships delivering Venezuelan crude to China or elsewhere, or involve tariffs on countries that purchase Venezuelan oil.

quote:
Since he took office in January, Trump has said the United States does not need Venezuela's oil, which last year represented about 3.5% of all U.S. crude imports or some 220,000 barrels per day.

However, that flow has been a key means for Chevron to recover billions of dollars in pending debt in Venezuela.
Trump has accused Maduro of failing to make progress on electoral reforms and migrant returns.

LINK /

Interested to see if or what the Trump Administration and Chevron CEO Wirth can work out. I don’t see the administration leaving Chevron completely out to dry.

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Posted by GumboPot

Member since Mar 2009

133471 posts

Posted on 5/21/25 at 7:48 am to ragincajun03

IDK why Chevron has not spun off their Venezuelan assets into another company to legally shield themselves from the foreign policy issues we have with that shithole country.

They probably did not spin off the Venezuelan assets for reasons I don't understand but it just seems like a simple solution, it almost appears derelict. But I'm sure the Chevron business and legal guys have good reasons. They have very smart people running that company.

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Posted by ragincajun03

Member since Nov 2007

25066 posts

Posted on 5/21/25 at 7:58 am to GumboPot

Wirth was always one of the big CEOs who was highly critical of the Biden Administration, even as other CEOs stayed quiet not wanting to say anything publicly.

I think President Trump recognizes and remembers that, and his administration will look for ways to help out Chevron, though also not to the detriment of the ultimate goal of trying to get some concessions of election integrity and human rights out of Maduro.

Just this week, Venezuela released an imprisoned U.S. Air Force vet.

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Posted by ragincajun03

Member since Nov 2007

25066 posts

Posted on 5/22/25 at 10:48 am to ragincajun03

Well…I was wrong. Only third time in my life. No one’s perfect.

Looks like Wirth wasn’t able to work out a deal with the Trump Administration for Chevron to keep operating. Honestly thought there would be a path, but maybe just highly restrictive, like any barrels Chevron produced must be delivered to US destinations only. That would have meant Chevron having to curtail production, but at least they’d be able to make some money off their investment.

quote:
The U.S. license allowing companies to operate in Venezuela’s oil industry will expire as planned on May 27, U.S. Secretary of State Marco Rubio said amid reports that the U.S. could extend the license to U.S. supermajor Chevron.

“The pro-Maduro Biden oil license in Venezuela will expire as scheduled next Tuesday May 27th,” Rubio posted on his personal X account.

Reports emerged earlier this week that the U.S. federal government would extend a sanction waiver allowing Chevron to keep doing business in Venezuela by another 60 days, as negotiations with the Maduro government continue, Bloomberg reported on Tuesday, citing an unnamed source familiar with developments.

Earlier this year, the Trump Administration revoked Chevron’s license to operate in Venezuela and export oil from its oilfields, setting May 27 as the deadline for Chevron to wind down its operations in the South American country.

LINK

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