(Reuters) -U.S. President Donald Trump’s administration is considering a plan to extend Chevron’s license to pump oil in Venezuela, the Wall Street Journal reported on Thursday, citing people familiar with the discussions.
During a meeting on Wednesday with Chevron CEO Mike Wirth and other industry executives, Trump expressed openness to reversing his administration’s recent order that gave the company until early April to wrap up its Venezuela operation, the Journal reported.
A White House official told Reuters that 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, in an emailed response to Reuters, but added that company executives regularly hold meetings with government officials in Washington on issues related to its business in the United States and abroad.
The Venezuelan government has said the decision to cancel the Chevron license would hurt the U.S..
Washington is also weighing a plan to impose tariffs or other financial penalties on countries that buy oil from Venezuela, according to the WSJ report.
These tariffs are intended to make it harder for China or other countries to establish a base in Venezuela and to fortify Chevron and keep oil flowing to the U.S., the Journal said.
It could also force Venezuelan President Nicolas Maduro to the negotiating table, Commerce Secretary Howard Lutnick told Wirth in the meeting, which also included Energy Secretary Chris Wright and Interior Secretary Doug Burgum, the newspaper said.
Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “economic war” designed to cripple Venezuela.
He and his allies have cheered what they say is the country’s resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions.
(Reporting by Seher Dareen and Rhea Rose Abraham in Bengaluru, additional reporting by Rishabh Jaiswal, Devika Nair and Anusha Shah; Editing by Pooja Desai and Savio D’Souza, Kirsten Donovan)
