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U.S.-Venezuela oil cooperation is accelerating, with the White House stating that crude oil under the agreement could enter U.S. reserves as early as November. Chevron plans to invest $7 billion to expand production, and its stock price hit an all-time high on Wednesday.
Oil cooperation between the United States and Venezuela is accelerating. White House spokesperson Anna Kelly stated on Wednesday that crude oil obtained through the agreement with Venezuela could reach U.S. reserves by November. On the same day, Chevron announced a $7 billion investment in Venezuela over the next five years through a joint venture partnership, expecting to produce approximately 600,000 barrels per day in Venezuela by 2031, more than double current levels. Chevron's stock closed up 0.35% on Wednesday at $211.78, reaching an all-time high. Additionally, Italy's Eni (ENI) has secured a 25-year exclusive operating contract for the Junin 5 block and will commence drilling on Thursday.
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