03:52 PM EST, 02/14/2025 (MT Newswires) -- Chevron ( CVX ) plans to increase its Venezuelan oil exports this month, aiming to boost shipments of synthetic crude from the Petropiar project to a seven-year high, Bloomberg reported Friday, citing sources with knowledge of the matter.

Petropiar output is projected to rise about 50% to around 143,000 barrels a day following eased trade restrictions after Venezuela's relationship with the United States improved, the media outlet reported.

Chevron ( CVX ) has reportedly increased its electricity supply and replaced equipment, helping lift production despite lingering sanctions.

Venezuelan oil could become more important for the US if tariffs are imposed on Canada and Mexico, which produce a similar grade of crude, Bloomberg reported, citing Chevron ( CVX ) CEO Mike Wirth.

Chevron ( CVX ) did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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