Chevron Doubles Down on Venezuelan Oil Production

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

The agreement follows encouragement from former US President Donald Trump for oil companies to operate in the country. Chevron's expansion reflects its confidence in Venezuela's deep resource potential and ability to compete for investment within its portfolio.

Chevron CEO Mike Wirth said that improved conditions would lead to long-term value, citing attractive low-cost oil growth and energy supply support.