"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.
The 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.