Chevron Doubles Down on Venezuelan Oil Amid Trump-Backed Deal

Chevron is investing $7 billion to increase oil production in Venezuela from around 300,000 barrels per day to approximately 600,000 barrels per day over the next five years.

This expansion comes amid President Donald Trump's recent deal to develop Venezuelan oil fields, which contain about 65 billion barrels of petroleum. The agreement aims to reduce U.S. reliance on Middle Eastern oil and increase Western crude supply lines, potentially lowering gasoline prices in the process.

Chevron's CEO, Mike Wirth, stated that the company is 'strengthening a portfolio that we believe can deliver attractive low-cost oil growth.'

The plans are part of a broader strategy to secure U.S. crude supply lines and potentially lower gasoline prices in the country. However, experts warn that it will take years to revive Venezuela's dilapidated oil infrastructure and require significant investment.