Daily Market News
Daily Stock Markets News
Cannot fetch data from server.

Chevron continues to work with U.S. on Venezuela sanctions -CEO

Nov 30 (Reuters) – Chevron Corp (CVX.N) hopes to convince the United States to “modify” sanctions on Venezuelan crude oil exports, Chief Executive Michael Wirth said on Wednesday, days after winning a new license to expand its operations in the country.

President Joe Biden’s administration last week authorized Chevron to boost oil output and expand operations in Venezuela. But the license restricts any cash payments to Venezuela pending further progress on political talks over presidential elections.

“We’ll work with our government to see if we can modify some of those sanctions,” Wirth said in remarks to the Boston College Chief Executives Club in Boston.

Saturday’s decision grants broader rights for the last big U.S. oil company still operating in U.S.-sanctioned Venezuela. The authorization is part of a U.S. plan to encourage further political talks in Mexico between the government and its political opposition.

Terms of the license have irked Venezuela’s social President Nicolas Maduro and could reduce the oil available to export to the United States, analysts have said.

Speaking in Caracas on Wednesday, Maduro said the license to Chevron was a step in the right direction and called for “the total lifting” of sanctions on the country’s oil industry. The U.S. measures contravene international trade, he said.

Wirth also said the world is adjusting to permanently changing trade flows in energy because of Russia’s war with Ukraine.

Prior to Russia’s February invasion of Ukraine, European policy makers had become heavily reliant on Russian supplies of natural gas, oil and refined products, he said.

“I don’t think Europe will go back to that degree of vulnerability and reliance,” Wirth said. “So you will see flows redistributed around the world.”

He describes international energy trade as a global just-in-time system with little excess capacity that will not be able to permanently exclude Russian supplies.

Policy makers from the Group of Seven nations working to negotiate a cap on Russian seaborne crude oil “don’t want to see Russia cut off,” he said.

Reporting by Erwin Seba

Our Standards: The Thomson Reuters Trust Principles.

Read More: Chevron continues to work with U.S. on Venezuela sanctions -CEO

Notify of
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.