Commodities
US, Venezuela Strike New Energy Deals Amid Oil Production Expansion
The US and Venezuela have moved forward with efforts to expand energy deals following an agreement that allows the US to tap into Venezuelan oil.
Chevron and Eni, already operating in Venezuela, are among private companies set to strike new deals to boost the country's oil production.
The Department of Energy expects these agreements to more than double Venezuela's oil production within less than five years.
US Energy Secretary Chris Wright met with acting Venezuelan President Delcy Rodriguez on Wednesday, where pacts across oil, gas, and electricity were inked.