Stocks
Chevron Doubles Down on Venezuelan Oil Production
Chevron has announced a deal to increase oil production in Venezuela.
The deal, which was reached after years of negotiations, will see Chevron's current oil production in the country double to around 600,000 barrels per day.
Chevron CEO Mike Wirth said that the conditions for the deal have been improved, meaning long-term value can be expected from the expanded operation.
The announcement comes after former President Trump encouraged oil companies to operate in Venezuela, and follows a meeting between Chevron's Vice Chairman Mark Nelson and the White House earlier this year.