Pentagon-Backed Firm Closes In on Chevron in Venezuelan Oil Output

Pentagon-backed oil company, Chevron's rival in Venezuela, is expected to close production gap within months.

According to sources, this company is on track to match Chevron's output in the country soon. The exact timeline for when this will happen is unclear, but it is anticipated to be within a few months.

The development comes as Venezuela struggles with low oil production levels due to US sanctions and internal issues. The Pentagon-backed company's progress is seen as significant in the context of efforts to stabilize the country's economy.