Chevron remains wary of investing in Venezuela, citing concerns of instability in the Latin American nation and declining global oil prices, resisting pressure from Washington to commit funds.
Since ousting former Venezuelan leader Nicolás Maduro this month, US President Donald Trump has pressured global oil firms to invest as much as $100 billion in Venezuela, which holds the world’s largest crude reserves.
However, experts have warned that it could take years to rebuild Caracas’ dilapidated oil industry, while the head of Exxon believes the country remains “uninvestable.” Nonetheless, several oil firms are keen on doing business in Venezuela and are awaiting Washington’s approval, Semafor’s US political team reported.
