Commodities
Chevron Dives Back into Venezuelan Oil
US oil giant Chevron has confirmed it will expand operations in Venezuela, investing more than $7 billion over five years.
The company plans to increase production by doubling its current output to about 600,000 barrels a day, with the goal of tapping into the country's vast oil reserves.
Venezuela holds the world's largest proven oil reserves, totaling over 303 billion barrels of crude oil, according to OPEC's 2025 Annual Statistical Bulletin.
The expansion follows an ambitious deal between the US and Venezuela to develop the nation's oil reserves and give the Pentagon a stake in the profits.