Chevron Doubles Down on Venezuela Oil Production

Chevron has announced a deal to increase oil production in Venezuela, doubling current levels from around 300,000 barrels per day to approximately 600,000 barrels.

The agreement reflects Chevron's confidence in Venezuela's resource potential and its ability to attract investment. According to CEO Mike Wirth, improved terms and additional acreage will bring long-term value to the company.

This development comes after former President Trump encouraged oil companies to operate in Venezuela, with Chevron Vice Chairman Mark Nelson meeting with the White House earlier this year.