WASHINGTON, Jan 31 (Reuters) - U.S. President Donald

Trump's envoy Richard Grenell is expected to meet with

Venezuelan President Nicolas Maduro on Friday in Venezuela, CNN

reported, citing a source familiar with the matter.

Reuters could not immediately verify the meeting.

Trump said last week his administration would likely stop

buying oil from Venezuela and was looking "very strongly" at the

South American country.

Grenell, Trump's envoy for special missions, had earlier

said he spoke with multiple officials in Venezuela and would

begin meetings, days after the outgoing Biden administration

imposed new sanctions on the government of Maduro.

"Diplomacy is back," Grenell said in a post on X disclosing

his initial calls. "Talking is a tactic."

During his campaign, Trump called Maduro a dictator after he

pursued a "maximum pressure" campaign against him during his

first term from 2017 to 2021, including imposing harsh sanctions

on the South American country and its oil industry.

Former President Joe Biden briefly rolled back some of

the Trump-era restrictions following electoral promises from

Maduro but then reinstated them, saying the Venezuelan leader

had reneged on pledges for a fair democratic vote.

The Financial Times reported Friday that Chevron ( CVX ) is trying

to protect the special U.S. license allowing it to operate in

Venezuela.

The oil giant's chief executive, Mike Wirth, told the

newspaper the company would engage with the White House after

Marco Rubio, Trump's secretary of state, said the license should

be reconsidered.

If Chevron ( CVX ) is forced out, China and Russia will gain

influence in the OPEC nation, Wirth said.

Venezuela's oil exports to the U.S. soared 64% to some

222,000 bpd last year, making it its second-largest export

market behind China, which took 351,000 bpd, down 18% compared

to the prior year.