09:17 AM EDT, 09/05/2024 (MT Newswires) -- (Updates with a statement from Chevron ( CVX ) in the last paragraph.)

Chevron ( CVX ) had told US officials that it is critical for the energy giant to continue pumping oil in Venezuela amid the chaos following this year's elections, the Wall Street Journal reported Thursday, citing people familiar with the matter.

In meetings with the White House and State Department officials after Venezuela's presidential election in late July, Chevron ( CVX ) executives said its presence in Venezuela is not only essential to global and US energy supplies but also serves to gatekeep the country from geopolitical adversaries, the Journal said.

Chevron ( CVX ) did not advocate specific policies, but its stance that it should continue pumping oil in the country has "carried weight" with the administration, according to the report.

"Chevron ( CVX ) regularly engages on energy policy issues with stakeholders in Washington, D.C. and all over the globe," a Chevron ( CVX ) spokesperson told MT Newswires in an emailed statement. "We have been a constructive presence in Venezuela for over a century, where we have dedicated investments and a large workforce."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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