THE GOVERNMENT OF THE UNITED STATES REACHED A VENEZUELAN OIL AGREEMENT WITH NABEP, AND RUSSIAN CRUDE OIL PRODUCTION IS EXPECTED TO DROP TO A 17-YEAR LOW

The United States Government has entered into a 100-year lease agreement with NABEP covering 17 oil fields and 65 billion barrels of crude oil reserves in Venezuela, and plans to increase daily production from 170,000 barrels to over 1 million barrels. ExxonMobil, Conphy Oil, are looking forward to the partners, and Chevron, the Einni Group, GeoPark are advancing the projects. According to Reuters, Russian crude oil production is expected to fall to 494 million tons in 2026, or an average of 9.88 million barrels per day, the lowest level in 17 years。