Venezuela: Chevron’s strong start and the outlook for the Venezuelan oil sector

  • An understandable sense of urgency is visible after the licence to Chevron.

  • We expect an increase of 100k bpd from Chevron’s joint ventures in 2023; risks tilted to the upside.

  • Despite potential positive spillovers, we remain sceptical of PdVSA’s capacity to lift oil output.
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