U.S. Treasury Secretary Scott Bessent lauded Chevron's plan to invest over $7 billion with Venezuelan joint-venture partners to double local oil production to 600,000 barrels per day (BPD) within five years, stating it "is going to push down oil prices, push up production." The announcement on September 2 follows an August 31 agreement between Venezuelan interim authorities and North American Blue Energy Partners (NABEP), part of the Trump administration's broader effort to open Venezuela to foreign investment. However, analysts caution that any relief at the pump is likely to be long-term due to infrastructure limitations and political uncertainties, with Venezuela's National Assembly yet to approve the deal.