The Biden administration eased sanctions in Venezuela, allowing Chevron to access reserves. But decrepit fields mean exports could be under 1% of U.S. demand, and the dirty fuel has limited appeal. Chevron doesn’t need Venezuelan oil, says rob_cyran.
a license to resume limited production in the country. That helps to spread around extraction of the fossil fuel, and could ease prices on the margin. But between the dirty Venezuelan oil and decrepit fields, the help is limited.
If the fields return to pre-sanction levels, it’ll produce about 200,000 barrels per day. For Chevron, it’s a drop in the bucket – less than 7% of daily output. Chevron is owed over $4 billion from its projects in Venezuela with Petroleos de Venezuela, which it should recoup. But the license prohibits its Venezuelan partner from profiting, so prospects for higher production appear capped.
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