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US Aims for Production Over Imports

OIL
BulletEnergy BulletsCommodities

Renewed talks this month between Chevron and Venezuela’s state-owned oil company PDVSA indicate that Venezuelan crude could be coming to the US but the Energy Secretary downplayed the possibility this week.

  • “The United States won’t be importing any oil from Iran or Venezuela,” Energy Secretary Jennifer Granholm testified during a Senate hearing yesterday, “This administration is calling for increased production in the United States.”
  • Venezuela has been viewed as a potential crude replacement for global markets since prices soared after Russia’s invasion of Ukraine.
  • Venezuelan oil production has been hampered by years of underinvestment, but production has been rising over the last year and could easily replace lost Russian barrels to the US.
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Renewed talks this month between Chevron and Venezuela’s state-owned oil company PDVSA indicate that Venezuelan crude could be coming to the US but the Energy Secretary downplayed the possibility this week.

  • “The United States won’t be importing any oil from Iran or Venezuela,” Energy Secretary Jennifer Granholm testified during a Senate hearing yesterday, “This administration is calling for increased production in the United States.”
  • Venezuela has been viewed as a potential crude replacement for global markets since prices soared after Russia’s invasion of Ukraine.
  • Venezuelan oil production has been hampered by years of underinvestment, but production has been rising over the last year and could easily replace lost Russian barrels to the US.