Chevron is returning to Venezuela to extract oil, potentially increasing production to 1.2 million barrels per day and aiding the economy to grow by 2%. Experts believe this move can partially balance the country's public accounts by 2025. Despite previous setbacks, Venezuela maintained oil production at one million barrels per day following Chevron's earlier exit. However, the new operating license comes with restrictions, limiting payment capabilities to the government. Washington’s motive includes addressing immediate energy needs amid geopolitical factors. Triple-digit inflation persists as the economy struggles with currency shocks.
Experts estimate that Chevron's contribution to Venezuelan oil production could bring an increase to 1.2 million barrels per day, helping the economy to potentially grow by 2%.
Despite economic struggles, Venezuela has maintained its daily oil production volume of one million barrels per day even after Chevron's departure announcement, reflecting resilience amid adversity.
The return of Chevron, while bringing new opportunities, is still coupled with significant restrictions that prevent direct payments to the Venezuelan government, impacting the overall benefits expected.
Washington's interest in Venezuelan oil is tied to immediate energy needs, making Chevron's operational return a strategic move amidst ongoing geopolitical tensions.
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