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Chevron aims to boost Venezuela oil output to accelerate debt recovery - Stock Market Latest

Energy

Reuters exclusively reported that Chevron Corp’s (CVX.N) renewed oil operations in Venezuela will enter a new phase next month, boosting production with the goal of accelerating recovery of the $3 billion debt owed by the end of 2025.  

Market Impact

Chevron’s license broke a four-year U.S. prohibition on Venezuelan oil exports to the United States designed to oust President Nicolas Maduro. Even though the license bans any cash payments to Maduro‘s administration, it has helped Venezuela stabilize its currency by injecting U.S. dollars into its economy and benefited U.S. Gulf Coast refiners receiving the oil.

Article Tags

Topics of Interest: Energy

Type: Reuters Best

Sectors: Commodities & Energy

Regions: Americas

Countries: United StatesVenezuela

Win Types: Exclusivity

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

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