Commodities
Eni Targets 1 Million Barrels Per Day in Venezuela
Italian energy producer Eni SpA is planning a significant expansion in Venezuela's oil production. According to people familiar with the matter, the company aims to eventually lift its Venezuelan production to more than 1 million barrels a day. This figure would include volumes from state-owned Petróleos de Venezuela SA.
The increased output would bolster US efforts to revive Venezuela's battered oil industry. Eni's plans mark a major increase for the company in Venezuela, and it is unclear what impact this will have on global oil markets.