US considers extending Chevron's Venezuela license amid economic strategy

The Trump administration is contemplating a significant shift in its policy towards Venezuela, potentially extending Chevron’s license to pump oil in the country, sources familiar with the discussions revealed.

During a March 19 meeting with Chevron CEO Mike Wirth and other key industry leaders, President Trump expressed willingness to reconsider his administration's recent decision to require the company to cease operations in Venezuela by early April, Caliber.Az reports, citing Western media.

The move has been part of the broader U.S. strategy to exert pressure on Venezuelan President Nicolas Maduro's government.

In addition to this potential extension, Washington is reportedly exploring the imposition of tariffs or other financial penalties targeting countries that import Venezuelan oil. These measures are seen as part of a broader effort to prevent China and other nations from solidifying their presence in Venezuela, while ensuring Chevron maintains its oil operations, which play a critical role in supplying the U.S. market.

Commerce Secretary Howard Lutnick suggested that the tariffs could also serve as a leverage point to force Maduro into negotiations, according to reports from the Wall Street Journal. The high-level meeting also included Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who joined in discussions about the strategy.

Chevron, for its part, declined to comment specifically on the details of the meeting but confirmed that its executives regularly engage with government officials in Washington on matters related to both domestic and international operations.

The debate over U.S. policy towards Venezuela remains ongoing, with key stakeholders weighing the geopolitical and economic implications of any shift in strategy.

By Khagan Isayev