Chevron to Invest $7 Billion to Double Venezuela Oil Output

In early September 2026, US oil giant Chevron announced a $7 billion investment plan to double its oil production in Venezuela over the next five years. The move follows a recent oil deal between the US and Venezuela, which gives American companies control over about a fifth of the country's oil output. Chevron's expansion is part of a broader push by the Trump administration, with Secretary of State Marco Rubio involved, to increase US influence in Venezuela's energy sector.