Commodities
Chevron Doubles Down on Venezuelan Oil Production Amid Trump-Pentagon Deal
Chevron has announced plans to double its Venezuelan oil production as part of a deal between President Donald Trump and Venezuela's government. The agreement aims to develop the nation's oil reserves, with the Pentagon set to receive a stake in the profits.
The deal was signed on September 2, 2026, by U.S. Energy Secretary Chris Wright during a ceremony in Caracas. Chevron's expansion of operations in Venezuela is expected to have significant implications for consumers and the global energy market.