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U.S. imports of Venezuelan crude jumped by 183,000 barrels per day in the week ended Sept. 11, reaching 782,000 barrels per day, according to the U.S. Energy Information Administration. That was the highest weekly total since August 2017.
The bigger trend is even more striking. Over the past six months, Venezuelan imports have increased by 550,000 barrels per day, or 237%, while the three-month average reached 626,000 barrels per day. That is a long way from Venezuela's historical peak, when U.S. imports reached roughly 1.5 million barrels per day in 1997 and routinely exceeded 1 million barrels per day between 1995 and 2007.
Still, the direction is unmistakable: American refiners are consuming more Venezuelan oil again. And that creates an unusually direct opportunity for **Chevron** (NYSE:CVX). Chevron isn't merely watching Venezuela's oil industry recover.
It is helping drive the recovery. On Sept. 2, Chevron announced updated agreements covering its Venezuelan joint ventures, including additional acreage in the Orinoco Belt. The company plans to invest more than $7 billion over the next five years and expects production from its Venezuelan ventures to more than double to approximately 600,000 barrels per day.
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