Amid US-Venezuela Tensions, American Oil Giant Chevron is the Winner | Firstpost America
By FirstPost September 7, 2024

In August, Venezuela's oil exports hit a four-year peak, with shipments reaching 885,000 barrels per day, a 50 percent rise from July. Increased exports to China, the US, and Europe drove the surge. Despite political turmoil over a disputed July election and US threats of new sanctions, foreign companies like Chevron and Repsol have expanded operations under US licenses. Venezuela also exported a significant volume of petrochemicals and oil byproducts. Meanwhile, President Nicolas Maduro reshuffled his cabinet, appointing Delcy Rodriguez as the new oil minister and promoting Hector Obregon to CEO of state oil company PDVSA amid the ongoing crisis.