A large brackish tidal bay in Zulia, Venezuela
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans jointly to invest more than $7 billion over five years, aiming to double production to about 600,000 barrels a day. The move follows White House-briefed talks about a formal Venezuela visit by Chevron leaders and Energy Secretary Wright.
Gas prices have reached Labor Day highs as US-Iran hostilities persist and a Venezuela oil deal faces questions over enforceability and impact on supply. Officials see potential downward pressure as demand cools after summer, but uncertainty remains about how quickly prices will fall.