Chevron CEO Mike Wirth says the plan to invest $7 billion over the next five years through its joint venture partnerships to more than double crude production in Venezuela is a ‘win-win-win’ for American refiners who prefer that type of crude oil and a win for the Venezuelan economy. He also said global oil supply and demand are returning to ‘balance’ due to increased supplies from the Strait of Hormuz in recent weeks, but risks remain. Wirth spoke with Bloomberg’s Tyler Kendall in Caracas.

Chevron CEO Mike Wirth says the plan to invest $7 billion over the next five years through its joint venture partnerships to more than double crude production in Venezuela is a &lsquo;win-win-win&rsquo; for American refiners who prefer that type of crude oil and a win for the Venezuelan economy. He also said global oil supply and demand are returning to &lsquo;balance&rsquo; due to increased supplies from the Strait of Hormuz in recent weeks, but risks remain. Wirth spoke with Bloomberg&rsquo;s Tyler Kendall in Caracas.

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Chevron CEO Mike Wirth Talks Venezuela JV, Hormuz Flows

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/80208c28-17d1-4edf-95ee-b4b901002b28/transcript