From 24/7 Wall St. · Rich Duprey · · 1m 10s
U.S. Oil Imports From Venezuela Hit 9-Year High
Chevron bets $7 billion on Venezuela's oil rebound as U.S. imports surge to 782k barrels/day
In brief
Chevron bets $7 billion on Venezuela's oil rebound as U.S. imports surge to 782k barrels/day Chevron could more than double Venezuelan production while leveraging U.S. refining capacity Originally reported by 24/7 Wall St..
Venezuela Oil Imports Surge
U.S. imports of Venezuelan crude jumped 183,000 barrels per day to 782,000 barrels per day in the week ended Sept 11, the highest since August 2017
6-Month Import Explosion
Venezuelan crude imports increased 237% over six months, reaching a three-month average of 626,000 barrels per day
Chevron's Venezuela Play
Chevron announced updated agreements for Venezuelan joint ventures including additional Orinoco Belt acreage and plans to invest $7 billion over five years
Production Boost
Chevron expects Venezuelan production to more than double to approximately 600,000 barrels per day with production costs below $20 per barrel
Refining Advantage
Chevron's U.S. refineries processed a record 1.07 million barrels per day at 97% utilization
Strategic Petroleum Reserve
President Trump plans to use Venezuelan oil to refill U.S. Strategic Petroleum Reserve near depletion levels
The takeaway
Chevron could more than double Venezuelan production while leveraging U.S. refining capacity
