Chevron to Invest $7 Billion in Venezuela, Doubling Oil Output

🛢️ CARACAS — Washington needs barrels; Maduro just became the least bad option. 📌 LOOK CLOSER: With Hormuz running 7M barrels/day below baseline, the White House needs supply fast. Venezuelan heavy crude can't replace Gulf grades directly, but volume matters politically. Doubling Chevron output signals sanctions relief is the price — Maduro extracts concessions while Iran bleeds. Beijing loses leverage if Washington diversifies supply away from Gulf dependency.