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Chevron’s Venezuela Oil Deal Gets Compared to 1953 Iran Coup

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A Pentagon equity stake backs a private company’s 100-year lease for nearly 17 Venezuelan oil fields. Chevron CEO Mike Wirth says the commitment is the largest from a major oil company since Maduro’s ouster and could double output, targeting about 600,000 barrels a day in five years. The U.S. can buy 20% of production at cost below market, as production reached 4.07 million boe/d and U.S. upstream hit a record 2.08 million.

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