Chevron Doubles Down on Venezuela Oil Production

Chevron has announced a deal to expand oil production in Venezuela, doubling current levels and bringing them up to around 600,000 barrels per day.

The move marks a significant increase for the country's energy sector, which Chevron CEO Mike Wirth says will provide long-term value due to improved terms and additional acreage.

Wirth noted that Chevron has been operating in Venezuela for over a century, and that this expansion reflects confidence in the country's resource potential and its ability to attract investment.

The announcement follows encouragement from Trump to oil companies to operate in Venezuela, with Chevron Vice Chairman Mark Nelson meeting with the White House earlier this year to discuss the expansion of oil production.