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Chevron Drops Year-End Target to 175kbd

OIL

Chevron is lowering its estimated year-end oil production target in Venezuela from 200,000 b/d to 175,000 b/d – citing infrastructure issues according to Argus sources.

  • The size of tankers able to enter the Lake Maracaibo channel remains a major concern and impacts export volumes as well as storage issues.
  • Chevron is currently producing around 120,000 b/d from its four Venezuelan projects.
  • Venezuela claims the country as a whole is producing more than 800,000 b/d and plans to reach 1mn b/d come August. Argus estimates Venezuela's April production at around 750,000 b/d.

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