Oil prices continue driving price action across global financial markets, this time giving some relief as US crude eased 1.40% yesterday after hitting the highest levels in more than a month – maybe on news that Venezuela – under US leadership – is set to double oil production in the coming years, as several companies prepare to sign a series of deals, according to Bloomberg News, to extract its oil.
Among them, Chevron promised to invest $7bn over five years to more than double its own production.
Broadly, Venezuela currently produces around 1.1–1.2 million barrels per day and exported roughly 1.17mbpd in August. If Venezuela eventually doubled that production, it could bring more than 1mbpd of additional supply to the global market.
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