Chevron is unlikely to invest in Venezuela in the next six months

Chevron Corp CEO Michael Wirth said the company has no intention of investing in Venezuela in the next six months, despite having a US license allowing it to extend its operations in the South American country.

Last week, Biden administration granted the company a six-month license, allowing it to increase oil production in Venezuela.

According to Wirth, fuel prices are more likely to rise than to fall in the near future. The CEO of an energy company explains that the imposition of Western sanctions on Russian oil and production cuts by OPEC will lead to a reduction in global oil supplies.

Wirth also said the likelihood that Chevron will invest in a drilling campaign that will increase oil production in the next half a year is extremely low. The company still has to do a lot of work before moving in this direction.