Trump Weighs Extending Chevron's License for Venezuela Operations

• 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, March 19, 2025, 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.
• That said, 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.
• 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.

(Source: Reuters)