CNBC was among the few news organizations allowed to travel to Venezuela alongside the U.S. Secretary of Energy to witness the signing of oil agreements. Venezuelan oil production, which peaked at 3.5 million barrels per day in 1997, collapsed to under 1 million barrels per day before recently rebounding above that level. Chevron will invest approximately $7 billion across three separate projects in Venezuela, while the U.S. government is taking a stake in private company North American Blue Energy Partners (NABEP), with the goal of raising production to 2 million barrels per day. Oil prices currently exceed $100 in the United States and diesel fuel has hit $6 per gallon for the first time.
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