Trump considers extending Chevron license to pump oil in Venezuela

The Trump administration is considering a plan to extend Chevron's license to pump oil in Venezuela and impose financial penalties on other countries that do business with the South American nation, the Wall Street Journal reported on March 20, citing people familiar with the discussions, Report informs via Reuters.

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 noted.

Washington is also weighing a plan to impose tariffs or other financial penalties on countries that buy oil from Venezuela, according to the Journal.

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 US, 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, the WSJ added.

"Chevron executives meet regularly with government officials in Washington to engage constructively on issues related to our business - both in the US and abroad," a Chevron spokesperson told Reuters in an emailed response, declining to comment on the specifics of the report.