85ENERGY
⚡ Markets: Increased Venezuelan heavy crude supply could weigh on long-term oil prices and narrow heavy-light differentials, impacting producers of similar grades. Positive for Chevron (CVX) and Eni, but potentially negative for competitors and bullish for US Gulf Coast refiners.CVXWTIBrent
US oil major Chevron, along with Italy's Eni, signed agreements to expand operations in Venezuela, aiming to more than double production to 600,000 barrels per day within five years. The deal, following a US-brokered agreement, marks a significant return of Western energy investment to the sanctioned country and could impact global oil supply dynamics.
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