Chevron Doubles Down on Venezuelan Oil

Chevron has announced plans to double its oil production in Venezuela over the next five years. The company will invest $7 billion to increase production to approximately 600,000 barrels per day. This expansion comes after President Donald Trump's recent deal to develop Venezuelan oil fields.

Venezuela has vast proven reserves totaling more than 303 billion barrels, according to OPEC's 2025 Annual Statistical Bulletin. However, the country's current output is limited due to political instability and international sanctions.

Chevron's expansion plans are part of a broader strategy to secure Western crude supply lines and potentially lower U.S. gasoline prices. The national average price for a gallon of regular gasoline recently rose to $4.12.