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Yeshiva World News · Sep 2, 2026

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Chevron announced Wednesday that it plans to invest $7 billion in Venezuela over the next five years and double its oil production in the country to roughly 600,000 barrels per day. The U.S. oil giant received additional acreage in Venezuela’s oil-rich Orinoco Belt for the expansion. The announcement comes days after President Trump unveiled a separate U.S.-Venezuela deal creating a private joint venture to operate oil fields containing an estimated 65 billion barrels of petroleum.

Chevron announced Wednesday that it plans to invest $7 billion in Venezuela over the next five years and double its oil production in the country to roughly 600,000 barrels per day. The U.S. oil giant received additional acreage in Venezuela’s oil-rich Orinoco Belt for the expansion. The announcement comes days after President Trump unveiled a separate U.S.-Venezuela deal creating a private joint venture to operate oil fields containing an estimated 65 billion barrels of petroleum.

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