24 Hrs
Source:
اقتصاد سكاي نيوز عربية
Washington predicts Venezuelan oil increase
Reports indicate that Washington expects the agreements signed by American and foreign oil companies in Caracas to double Venezuelan oil production in the coming years. This follows a significant decline from over three million barrels per day in the 1990s to approximately 1.1 million barrels currently, due to sanctions and mismanagement. The agreements involve companies such as Chevron, Italian firm Eni, and G.E. Vernova. They come after the Trump administration announced a long-term access deal to Venezuela's large oil reserves through the U.S.-backed company Napeep, which will own oil fields containing around 65 billion barrels of reserves. The goal of this collaboration is to boost investment and restart oil fields, with expectations of increased production and reduced oil prices, despite concerns about competition and geopolitical struggles.
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