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US Aims for Production Over Imports

OIL

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.
Energy BulletsCommodities
Energy BulletsCommodities

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