Chevron warns of dwindling oil reserves
Chevron has reported that oil reserves are running out, leading to an expected increase in crude prices, which is likely to continue rising in the coming months. The decline in stockpiles is attributed to depletion during the Iranian war, during which their effectiveness diminished. This has coincided with rising diesel prices and possibly higher oil prices, especially amid shipping disruptions in the Middle East and a tight supply. The company adds that its expansions in Venezuela will be self-funded, with expectations to boost production to around 600,000 barrels per day by 2031.
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