Chevron Doubles Down on Venezuelan Oil Production

Chevron has reached an agreement to expand oil production in Venezuela, doubling current output to approximately 600,000 barrels per day.

The deal reflects Chevron's confidence in Venezuela's resource potential and its ability to attract investment.

Chevron CEO Mike Wirth stated that improved terms and additional acreage will deliver long-term value from the agreement.

This announcement comes after Trump encouraged oil companies to operate in Venezuela, with Chevron Vice Chairman Mark Nelson meeting with the White House earlier this year.