Trump officials say the oil-market disruption is temporary, but Chevron's Mike Wirth and others warn global supplies are running low, with no respite in sight.
Chevron is looking to expand its global gas portfolio from Argentina to the Mediterranean to meet growing demand from buyers concerned about energy security due to the crisis in the Middle East, President of Global Gas Freeman Shaheen said.
Chevron CEO Mike Wirth said on Friday that oil buffers that limited crude price increases earlier in the Iran war have been depleted, and the conflict could lift prices further over the next few months.
Brent crude oil rose above $100 a barrel for the first time since July, while the U.S. benchmark West Texas Intermediate (WTI) crossed $95, with varying impacts on energy ETFs. The price surge followed escalation in the Middle East conflict, including U.S.
Chevron will double the number of oil rigs it operates in Venezuela as part of its five-year plan to grow production in the country, Chief Financial Officer Eimear Bonner said at a Barclays conference on Tuesday.
President Donald Trump's Venezuela oil deal gives the Pentagon an equity stake in North America Blue Energy Partners. NABEP has received concessions to 65 billion barrels of proved reserves, which would make it the second-largest oil company in the world.
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