United States President Joe Biden authorized Chevron to start the reactivation of its operations in Venezuelan territory and it is estimated that the decision will be formalized this week, within the framework of the talks between the representatives of the North American government and the national executive, after the increase in crude oil prices as a result of the war between Russia and Ukraine.

Chevron is considered the second oil company in the United States and the seventh in the world and is the only one that “still operates in the crude oil sector in Venezuela”. Its history has been in the country for several decades and it has approximately 8,000 workers.

Four executives of the oil company visited the Venezuelan capital last week with the purpose of initiating the organization of the return of Venezuelan oil sales to the United States.

As will be recalled, the US Department of the Treasury extended in June 2021 until December 1st, 2021, the license that allowed the US oil company to continue its essential operations in the country despite the sanctions of the US government against the state company Petróleos de Venezuela (PDVSA). During 2021, the company’s pressure on the Joe Biden government was quite notorious, but the war between Russia and Ukraine “generated the right conditions for its execution.”

Stabilizing the oil market

According to information published by some news agencies, the measure was confirmed by the governments of the United States and Venezuela as part of Washington’s strategy to stabilize the oil market in the face of the sanctions imposed on Russia for the invasion of Ukraine.

In this connection, the Washington Post newspaper publishes: “Chevron seeks to double the production of 800,000 barrels per day in Venezuela in a few months. That could replace the loss of approximately 700,000 barrels per day that the United States imported from Russia before it attacked Ukraine, which could help lower the price of gasoline, a fact that has become a big “concern” for the US president in a difficult electoral year.

Joe Biden’s government does not plan to “lift all retaliation against Venezuela” because it could cause some problems with the Democrats ahead of the legislative elections.

M. Rodríguez

With information from eluniversal.com and specialized news agencies

La entrada Chevron to reactivate operations in Venezuela apareció primero en Bitfinance.

The Organization of Petroleum Exporting Countries (OPEC) reported in its monthly report that Venezuelan oil production increased by 4 % in February compared to January pumping, based on official figures.

The information highlights that the authorities of the Caribbean country notified the international organization that in February Venezuela produced a total of “788,000 barrels per day (bpd), which represents an increase of 33,000 bpd”, while in January they managed to produce 755,000 bpd of raw.

Other sources secondary to OPEC contradict the information and maintain that Venezuela managed to pump 680,000 bpd in February, which means that the increase is 3 % compared to the figures reported in January, when it reached 658,000 barrels per day.

Two million bpd for December

The representatives of the Venezuelan government recently declared that they aspire to close 2022 with a production of 2 million barrels per day.

“This year we are going to 2 million barrels per day rain, shine or shine. This year we recovered oil production hand in hand with the working class”, affirmed the Venezuelan president.

Different Venezuelan economists, as well as oil experts, consider that Venezuela does not currently have the capacity to achieve the goal established by the executive of 2 million barrels per day. According to his opinions, the country “would not have the capacity to cover the deficit left by Russia in the supply of crude oil”, after the sanctions that the United States Government imposed on it for the invasion of Ukraine.

Last week authorities from the government of Joe Biden arrived in Venezuela and held a meeting with representatives of the national executive that provoked a series of expectations regarding the relaxation of the measures imposed on PDVSA by the US. However, the country ruled out “importing oil from Venezuela, at least for now.”

M. Rodríguez

Source: 800noticias.com

La entrada Venezuelan oil production increased 4 % in February apareció primero en Bitfinance.