Chemical Executive Discusses Economic Outlook and Venezuela’s Oil Situation

Mike Worth, the CEO of Chevron, recently spoke on FNC’s Sunday Morning Futures, where he expressed support for the economic policies implemented during the Trump administration and minimized concerns regarding a potential recession in the U.S.

Nevertheless, he acknowledged that China’s influence on oil-rich Venezuela continues to be a significant concern for Chevron’s leadership.

Bartiromo, the host, opened the conversation with a focus on American energy independence, welcoming Worth to the show.

Worth responded with a greeting and expressed pleasure at being interviewed. Bartiromo then shifted the discussion towards the broader economic landscape, highlighting a reported downturn in GDP and a decline in oil prices.

When asked about the economy, Worth stated that Chevron is not alarmed by current data indicating a looming recession. He suggested that the first quarter GDP figures might have been distorted due to trading patterns and reassured that there remains a strong demand for oil.

Shifting the conversation to Venezuela, Bartiromo noted that the country’s oil industry has been integral to U.S. interests for over a century, questioning the current lack of focus on Venezuela by President Trump and seeking an update on the situation.

Worth emphasized two critical aspects to consider. Firstly, he mentioned energy security, noting that historically, a significant amount of Venezuelan oil has been exported to the U.S. Due to recent changes, he suggested that this negates some of the safety in U.S. energy supplies.

Moreover, he pointed out that China has now become the largest purchaser of Venezuelan oil and highlighted the potential for increased trade between the two if current policies persist. He also regarded this relationship as a national security issue, emphasizing that Chevron is the only American company still operating in Venezuela. If U.S. companies withdraw, foreign firms—particularly from China and Russia—might take their place, which might not align with U.S. interests.

Bartiromo reinforced the gravity of this situation, crediting China as Venezuela’s top creditor and discussing its pattern of establishing dominance in various regions.

Worth agreed, mentioning that this strategy has been observed before in different parts of the world where China sought to enhance its influence through economic means.

As the conversation moved to Iranian oil, Bartiromo sought Worth’s opinion on recent sanctions against Iran. Worth acknowledged that while sanctions are crucial, their effectiveness hinges on strict enforcement, which he worries has been lacking in the past. He noted that Iranian oil continues to find its way onto the market, despite sanctions aimed at curbing sales.

Finally, when Bartiromo inquired about the regulatory environment, Worth shared that Chevron had productive discussions with government officials aimed at improving regulatory processes, emphasizing the need for lasting legislative reforms to support economic growth and competitiveness in various sectors.

Bartiromo concluded the segment by thanking Worth for his insights, and he reciprocated the appreciation for the opportunity to share his perspectives.