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Chevron Producing About 90,000 bpd of Crude In Venezuela

OIL

Chevron is producing about 90,000 bpd from its Venezuelan oil production - nearly double the daily output in 2022, according to its Chief Executive Officer Michael Wirth.

  • On production growth in the country, Wirth said "I would expect us to go slow", with gains limited by political risk such as future elections in the country.
  • Chevron received a six-month U.S. license last November that can be automatically renewed monthly.
  • The US oil firm shipped more than 100,000 bpd of Venezuelan crude to the United States last month as part of the new deal according to Refinitiv.

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