Chevron CEO: No Real Threat to US Dollar as Reserve Currency ‘Anytime Soon’
US Dollar
WASHINGTON (Sputnik) – There is no real threat anytime soon to the US dollar as the world reserve currency, Chevron CEO Mike Wirth said on Monday. “I don’t think there’s any real threat to the US dollar as a reserve currency that we see anytime soon,” Wirth said during a discussion with the Council on Foreign Relations. However, Wirth noted that certain bilateral trading relationships are opening up between energy producers and energy importers in which transactions are being denominated in other currencies. Wirth added that he does not think there will be a global commodity market shift but also said he expects that some bilateral trading relationships and a mix in currencies may evolve over time. Several countries, such as China and Russia among others, have started to trade commodities like oil in currencies other than the dollar.
EconomyWhat Can Replace US Dollar as World Reserve Currency?23 May, 14:00 GMTThe Chevron official further indicated that the company has not invested “new capita”l in Venezuela, mostly because there is still uncertainty about the stability of the country in the future. “To allocate long-term capital to anything that would grow would require much more certainty, stability and a clear line of sight on a long term future,” he said.Chevron is currently recovering unpaid debts from Venezuela’s PDVSA, Wirth added.
The United States recently extended the license for limited transactions with Venezuela's PDVSA through May 16, 2024.
In October, the US Department of Treasury announced it issued a six-month waiver easing US sanctions on Venezuela's oil and gas industry, which will be renewed only if Venezuela meets its commitments under the electoral roadmap as well as other commitments with respect to those who are wrongfully detained.
