Chevron Eyes Doubling Venezuelan Oil Output Amid Ongoing Instability

Chevron has announced plans to double its oil production in Venezuela, marking a significant expansion of the US energy giant's operations in the crisis-hit country.

The company said it aims to reach an output of 200,000 barrels per day by the end of next year, up from around 100,000 barrels currently.

Chevron has been operating in Venezuela since 1908 and has a significant stake in the country's oil industry. The move is seen as a vote of confidence in the Venezuelan oil sector despite ongoing economic and political instability.