Chevron CEO warns against companys possible departure from Venezuela amid negotiations with Trump admin
Chevron CEO Mike Wirth issued a stark warning about the firm’s possible departure from Venezuela as a Biden-era license allowing the company to operate in the country is set to expire. Chevron, which is only allowed to export Venezuelan oil to the United States, has been under pressure from the Trump administration to halt drilling in the politically turbulent nation. But Wirth, who is currently negotiating with the administration, argued against the move over concerns about energy security and growing Chinese influence in the Western Hemisphere. “We’ve seen this playbook before in Africa, in Latin America, in Central Asia,” Wirth told Maria Bartiromo on Sunday.“And China has created a stronger presence, stronger influence, and control over economies and governments around the world through using their economic assets and position to do so.” “I think that’s an important issue that is something that the administration is thinking about, and I think it’s very appropriate for them to bear that in mind.”President Donald Trump initially announced in February he was ending the license, calling Biden’s agreement “ineffective and unmet.” He ordered U.S.
oil firms to begin winding down their presence in the country starting March 1.“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022,” Trump announced on Truth Social.“Additionally, the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ U.S.A.) back to Venezuela at the rapid pace that they had agreed to.”The president reportedly reversed course in March, extending the license until May 27, according to CNBC.Trump also mandated any countries buying Venezuelan oil pay a 25% tariff when trading with the United States.Even so, Wirth warned that if the company ceases oil drilling in Venezuela, it will have profound national ...