South America’s vast oil‑rich belt in Venezuela
The United States has secured major control over Venezuela’s oil reserves through a NABEP deal, placing a Pentagon-backed stake and rights to buy output at cost. Officials say the move secures energy dominance and replenishes reserves, heightening geopolitical stakes.
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.
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans a multibillion-dollar investment to boost output, as U.S. deals with Caracas and sector players signal a renewed push into the country’s oil sector. The moves come as oil output in Venezuela remains far below its historic highs.
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.