Chevron Doubles Down on Venezuela Oil Production

Chevron has reached an agreement to increase oil production in Venezuela, with current output set to double.

This means that about 600,000 barrels per day will be produced, according to Chevron.

The deal is a result of improved terms and additional acreage, as stated by Chevron CEO Mike Wirth. He noted that this expansion reflects the company's confidence in Venezuela's resource potential and its ability to compete for investment within their portfolio for decades.

The announcement follows encouragement from former US President Trump, who urged oil companies to operate in Venezuela. Chevron Vice Chairman Mark Nelson had previously met with the White House to discuss the potential expansion of production in the country.