The US government has reached a Venezuela oil agreement with NABEP, and Russian crude oil production is expected to drop to a 17 year low

The US government has reached a 100 year lease agreement with NABEP, covering 17 oil fields and 65 billion barrels of crude oil reserves in Venezuela, with plans to increase daily production from 170000 barrels to over 1 million barrels. ExxonMobil and ConocoPhillips are adopting a wait-and-see attitude towards the background of their partners, while Chevron, Eni Group, and GeoPark are advancing existing projects. According to Reuters, Russia's crude oil production is expected to drop to 494 million tons in 2026, with an average of 9.88 million barrels per day, the lowest level in 17 years.