Venezuela's Oil Revival Accelerates with Chevron's 50% Output Target
Venezuela's oil production is on the rise as U.S. majors push to increase output in line with President Donald Trump's plans for the country.
According to Chevron's chief financial officer Eimear Bonner, the company has increased its oil production in Venezuela from 40,000 barrels per day (bpd) to 250,000 bpd over the past few years. Output at Chevron's three current joint ventures in the country rose by 12% year on year to 280,000 bpd over just the past six months.
The company expects its production across Venezuela to rise by 50% between now and the end of 2028, which would bring the total up to 420,000 bpd. This increase is part of a broader effort by U.S. firms to boost oil output in Venezuela as the country plays a key role in Trump's new global oil market order.
The 'Americas' region, which includes North and South America, is one of three geographical spheres identified in the 2025 National Security Strategy. The U.S. aims to maintain dominance and exert direct influence across this region by shifting the centre of dominance in global energy supplies to the Americas.