Chevron CEO says no discussions with President-elect Trump on Venezuela

By Georgina McCartney

HOUSTON (Reuters) -Chevron , the one U.S. oil producer now working in Venezuela’s oilfields, has not held any discussions with President-elect Donald Trump’s staff over the corporate’s operations within the nation, CEO Michael Wirth mentioned on Friday.  

Since 2019, Venezuela’s oil trade has been below U.S. sanctions designed to curb its oil earnings and pressure out President Nicolas Maduro in response to electoral fraud following his re-election in 2018 and a disputed election in 2024.

Chevron (NYSE:CVX) has been allowed since 2022 to export oil to recoup unpaid dividends from three way partnership companions.

It goals to help U.S. coverage on Venezuela whereas offering a greater future to Venezuelans, Wirth mentioned in remarks to suppose tank Atlantic Council. 

“We try to hold in there, work with our authorities,” Wirth mentioned. 

“As different firms have left Venezuela, they have been changed, by and huge, with firms from two international locations, Russia and China and if we had been to go away, that, little doubt, is the place the operations that we’re concerned with would probably find yourself as properly,” he added.   

The easing of restrictions on Chevron and different oil companies got here below the administration of U.S. President Joe Biden and it’s unclear what the incoming Trump administration’s coverage can be. 

Oil shipments final month to the U.S. from Venezuela by Chevron below a 2022 authorization from the Biden administration had been 238,000 barrels per day. 

Wirth additionally talked concerning the U.S. Strategic Petroleum Reserve, which the federal government is working to replenish after its greatest sale ever in 2022 left ranges at their lowest in 40 years.

“If (the SPR) is now not wanted, we ought to come back to that conclusion. Whether it is wanted, I feel there should be some guardrails round its use which are just a little bit stronger than those that exist right now,” Wirth mentioned.

And on Iran, Wirth famous that present U.S. sanctions have probably not stored Iranian barrels out of the market, however relatively redirected them.

“And that’s true for lots of the sanctions which are in place proper now. They have not actually crimped provide. They’ve simply redirected provide,” Wirth mentioned.