6 Hrs
Source:
Sky News
Washington forecasts Venezuelan oil output will double
The United States has reached agreements with international oil companies in Venezuela that will lead to more than doubling crude oil production in the coming years. Projects with companies such as Chevron, Indian Eni, and US-based GE Vernova will be signed to support the country's oil recovery after sharp declines caused by sanctions and mismanagement. Additionally, the US Energy Secretary announced that these agreements will help lower gasoline prices in the United States, as increased production will exert downward pressure on oil prices, although there are challenges related to refining capacity that affect gasoline and diesel prices. Furthermore, Washington announced long-term arrangements with Nabeeb Company to exploit Venezuela's oil reserves, which are estimated at around 65 billion barrels. This reflects the US’s broader approach to better leverage the country's resources and encourage foreign investments.
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