Chevron expects to increase oil exports from Venezuela, according to Bloomberg

Published at: 18/02/2025 10:36 AM

After advances in bilateral relations between Venezuela and the United States (USA), Chevron expects to increase oil exports from the South American nation to reach their highest level.

According to the Bloomberg publication, Chevron expects to increase synthetic oil exports from the Chevron Petropiar project by around 50%, reaching approximately 143,000 barrels per day.

This figure would be the highest since March 2018.

It should be noted that in the last year, Petropiar's production grew by 37%, rising to 110,000 barrels per day in January.

For his part, Chevron CEO Mike Wirth stated earlier this month that Venezuelan oil could be more important to the United States if tariffs are imposed on Canada and Mexico, countries that produce crude oil similar to Venezuelan oil.

However, Chevron's expansion capacity in Venezuela remains limited by sanctions, which only allow it to expand production within the contracts established in 2019.

Chevron, in a statement, stated that it continues to conduct business in Venezuela in compliance with applicable laws and regulations.

Mazo News Team