78ENERGY
⚡ Markets: A significant geopolitical and energy market development. Bullish for Chevron (CVX) and other involved energy firms. Over the long term, increased Venezuelan supply could weigh on global oil prices, but significant investment and time are required.CVXWTIBrent
US oil major Chevron plans to invest $7 billion to double its oil production in Venezuela to around 600,000 barrels per day. The move follows a deal between the US and Venezuelan authorities, confirmed by new US OFAC licenses, that gives the US significant access to Venezuela's vast oil reserves.
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