Chevron Chairman and CEO Mike Worth joins “Sunday Morning Futures” to discuss economic concerns. This is the impact of the company if it decides to halt oil drilling in Venezuela and stop the threat of President Trump’s sanctions on Iranian oil recipients.
Chevron CEO Mike Worth issued a harsh warning about the possibility of the company’s departure from Venezuela as a Biden-era license, allowing the company to operate domestically.
Chevron, who is only allowed to export Venezuelan oil to the United States, is under pressure from the Trump administration to stop drilling in politically disturbed countries.
But Worth, who is currently negotiating with the administration, opposed the move to concerns over energy security and China’s growing influence in the Western Hemisphere.
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“I’ve seen this playbook before in Africa, Latin America and Central Asia,” Worth told Maria Baltilomo on Sunday. “And China has used its economic assets and position to do so to create stronger influence with the economy and governments around the world.”
“I think that’s an important issue that the administration is thinking about. I think it’s very appropriate for them to have that in mind.”
president Donald Trump Initially, he ended his license in February, calling Biden’s contract “invalid and unfulfilled.” He ordered US oil companies to have a domestic presence starting March 1st.
Chevron Chairman and CEO Mike Worth will provide the latest details on the possible $53 million merger with Hess in “Morning with Maria.”
“We are reversing the concessions Joe Biden gave to Venezuela’s Nicolas Maduro in the oil trading agreement dated November 26, 2022,” Trump announced in The Truth Society.
“And the administration is not transporting violent criminals they sent to our country (good me ‘America). To Venezuela At a rapid pace they agreed to. ”
The president is reportedly reported Reverse course In March, the license will be extended until May 27th. According to CNBC.
Trump has also required a country where Venezuela oil will pay 25% tariffs when dealing with the US. Still, Wirth warned that if the company stops oil drilling in Venezuela, it will have serious national and energy security implications.
Chevron Company Chairman and CEO Mike Worth in a Bloomberg TV interview on the opening day of the World Economic Forum (WEF) held in Davos, Switzerland on Tuesday, January 16, 2024. (Hollie Adams/Bloomberg via Getty Images)
“Gulf refineries are very important to U.S. energy security, as they are designed to operate that particular type of oil,” he said. “Changes in the rules mean that oil will not flow to the US right now, which will reduce safety.”
“In fact, China is today the biggest buyer of Venezuela oil, and the argument you refer to is that Venezuelan government officials were in China, and I think China is encouraging more purchases… policy can drive more of that trade to China.”
He said if Chevron ceases to operate, it will create a gap for Chinese and Russian companies to meet.
“We are the only American company remaining on the ground in Venezuela, across from our country from the Gulf of America,” he said.
“And as others have, if we leave, oil production continues, American companies will be replaced by companies from other countries, historically Chinese companies, Russian companies, and others are other companies that are not necessarily American interests to see our hemisphere handed over to companies from other countries.”
Despite Wirth’s rationale, Venezuelan opposition leader Maria Colina Machado also appeared on the Fox News Channel — on Sunday praised Trump’s strategy as “absolutely accurate and effective,” recounting “Fox and Friends Weekend,” where Maduro faces his “weakest position.”
“Maduro is the head of the crime structure that transformed Venezuela into a safe haven for Western hemisphere enemies, such as drug cartels, guerrillas, and Iran, Russia and other international crime groups,” she explained.
Venezuelan opposition leader Maria Colina Machado will destroy negotiations between the Trump administration on operations in Venezuela and the Trump administration on “Fox and Friends Weekend.”
“What Maduro is now allowing is breadcrumbs that come out of Venezuela. But Venezuela is now the world’s largest proven oil reserves and is also gas,” she added. “So we can turn Venezuela from the criminal centre of the Americas into a hub of energy in the Americas, but that can only happen in the Democratic government.”
Chevron exports approximately 240,000 barrels of crude oil per day from its Venezuela operations, more than a quarter of the country’s total oil production.
Charles Creitz of Fox News, Fox Business’Anders Hagstrom, and Reuters contributed to this report.
