President Trump is considering an effort to extend Chevron's license to pump up Venezuela's oil and slap other countries trying to do business in the South American country with fresh tariffs.
Trump ordered the US oil giant to step down from his operation in Venezuela earlier this month, but during a White House meeting with Chevron CEO Mike Worth and other top executives on Wednesday, the president said he was open to overturning his decision. He told the Wall Street Journal.
As part of a potential move to extend the licence, Trump's team is resolving details of plans for tariffs or other types of financial penalties on other countries buying oil from Venezuela, sources said.
“Chevron executives meet regularly with government officials in Washington and will be constructively involved in issues relating to our business both in the US and overseas,” a Chevron spokesman posted in a statement.
They added that the company operates to comply with global laws and regulations.
The White House did not immediately respond to a request for comment.
Chevron warns that leaving Venezuela will allow China to open doors to leverage its oil resources. The potential tariffs are attempts to counteract the invading countries, sources told the journal.
The plan was discussed with Trump and Worth, Commerce Secretary Howard Luttonick, Energy Secretary Chris Wright, and Interior Secretary Doug Burgham.
Rutnic reportedly told Worth that tariffs could bring Venezuelan President Nicolas Maduro back to the negotiation table, the journal said.
The possibility of putting more pressure on Maduro could be a compelling factor for Trump, who has fought the Maduro administration to accept immigrants that have flooded the US.
After the president issued the decree, Worth has been lobbying Trump officials. He spoke personally this week with Secretary of State Marco Rubio, Treasury Secretary Scott Bescent and National Security Council staff, asking for an extension of at least 60 days, past the current April 3 deadline, a source told the Journal.
Rubio told Worth in a call Monday that he thought Chevron should be holding back operations by the original deadline, a source told the Journal.
Several Republican lawmakers praised Trump for overturning a Biden-era exemption that allowed Chevron to pump oil in Maduro-controlled countries.
They argued that Venezuela's economy was supported by Chevron's operations, and fell into the wind to put more pressure on Maduro.
Trump first announced its 30-day deadline earlier this month, accusing Maduro of not making progress in election reform and immigrant return.
It was a tough U-turn from January when the White House appeared to be making progress in Maduro. White House envoy Richard Grenell met with the Venezuelan president and returned with six Americans who had been detained inmates in the country.
According to the Journal, during the visit, Maduro reportedly agreed to accept deportation flights for immigrants if their oil license was in place.
