Chevron’s CEO said Venezuela must do more to liberalize its oil and gas sector, despite the country’s recent moves to court oil giants.
Washington wants Caracas to loosen restrictions to help ramp up crude production, a push that has gained momentum as the Iran war sends fuel prices soaring. But oil firms are reluctant to invest in new production sites because of Washington’s confusing signals: While US President Donald Trump has called on companies to boost drilling, the Treasury secretary has said oil prices would soon drop. “It takes several months to stand up a rig and drill from scratch. Why would I expand my drilling campaign now if prices will fall?” an oil executive told Politico.
