Chevron Expands Operations in Venezuela Amid Trump-Backed Oil Deal

US oil giant Chevron has confirmed it will expand its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation's oil reserves.

The news comes as a significant development for the country's struggling economy, which has been heavily reliant on oil exports. According to reports, the expansion is part of a broader plan to increase Chevron's production capacity in the country.

President Trump's deal aims to give the Pentagon a stake in the profits from Venezuela's oil reserves, which are estimated to be vast and underdeveloped.