29 November 2022 | Other

Venezuela is not able to provide the U.S. with large supplies of oil

The Wall Street Journal writes that Chevron needs to solve a number of technical problems, covering the infrastructure restore. However, despite the easing of U.S. sanctions, the oil from Venezuela will come to the market in small quantities in the near future.

Earlier in November, Chevron received an easing of sanctions and a permission from the U.S. administration to produce oil and petroleum products in Venezuela with the right to supply them to the United States.

Chevron is facing a number of problems. It needs to repair equipment, deal with power supply interruptions and pipeline problems, hire hundreds of workers and manage safety issues.

Oil analyst José Chalhoub in the comments to the article expressed his opinion that recovering the lost production in Venezuela requires a huge amount of investments. The expert estimates the amount of investment at 50 billion dollars.

According to analysts, the four facilities of Chevron together with PDVSA may take a year to restore production to the level of 200 thousand barrels per day.

Company MarketCheese
Period: 28.04.2026 Expectation: 7500 pips
Investing in Bitcoin up to $82,000
Yesterday at 11:40 AM 31
Period: 28.04.2026 Expectation: 1800 pips
Selling AUDUSD with 0.69000 in view
Yesterday at 10:32 AM 34
Period: 21.04.2026 Expectation: 560 pips
Buying Brent crude with $105.60 in sight amid ongoing supply crunch
Yesterday at 09:51 AM 33
Period: 30.04.2026 Expectation: 600 pips
Selling USDCAD with 1.3755 in sight
Yesterday at 07:25 AM 15
Period: 21.04.2026 Expectation: 1700 pips
Tesla stock sell-off targets $343 as key resistance looms
Yesterday at 06:47 AM 21
Period: 27.04.2026 Expectation: 4800 pips
Silver sell-off with $70.0 target
13 April 2026 44
Go to forecasts