Chevron CEO says Venezuela oil output could rise 50% this year
by Bloomberg Apr 29, 2023
Chevron Corp’s oil production in Venezuela has reached 100,000 barrels a day and could rise 50% this year, Chief Executive Officer Mike Wirth said in an earnings call Friday.
The US oil major operates three projects in the country along with state-run Petroleos de Venezuela SA. Since US President Joe Biden eased sanctions on Venezuela last year, Chevron has started lifting so much crude from the country that it’s had to put 600,000 barrels of it in storage in the Bahamas this month. Chevron is also shipping some of the oil to its US refineries.
But Wirth cautioned that the company’s operations in the sanctions-hit nation depend on waivers from the US government. “It’s not really a negotiation,” he said. “It’s their decision.”
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
Afreximbank Africa Trade Report shows Africa can turn geopolitical disruptions into long-term growth opportunity
The report highlights Africa’s continued growth resilience despite significant headwinds occasioned by escalating geopolitical tensions and ensuing economic shifts
View Article
Strait of Hormuz tensions highlight need to put seafarer welfare at the center of contingency planning, says AVS Global Ship Supply
View Article
Battery energy storage systems become critical infrastructure as global market surpasses USD 44 billion
View ArticleFreight forwarders helped make Brexit-era UK–EU trade manageable
As the UK marks ten years since the Brexit referendum, the British International Freight Association (BIFA) is highlighting the vital role played by its members in helping businesses adapt to…
View Article
Ørsted sets course for ‘next zero’ – targeting emissions across the entire value chain
View Article
NatPower and Tesla sign a strategic agreement
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
