Chevron: Saudi Shortfall Threatens 4% of Global Oil Supply and Boosts Brent - Venezuela Expansion Becomes a Strategic Asset

After a drone attack, Saudi Arabia's central East-West pipeline is shut down. This route was transporting about 4 million barrels daily—about 4% of the global oil supply. Brent subsequently jumped to over $107. At the same time, Chevron is planning investments of over $7 billion to more than double its production from its Venezuela joint ventures to approximately 600,000 barrels per day. Chevron expects total costs in Venezuela to be less than $20 per barrel—in an oil market with prices over $100, this production base significantly increases...