{"id":71295,"date":"2026-09-02T08:08:15","date_gmt":"2026-09-02T12:08:15","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-energy-chief-forecasts-surge-in-venezuela-oil-output-uber-slashes-10-of-workforce\/71295\/"},"modified":"2026-09-02T08:08:15","modified_gmt":"2026-09-02T12:08:15","slug":"u-s-energy-chief-forecasts-surge-in-venezuela-oil-output-uber-slashes-10-of-workforce","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/u-s-energy-chief-forecasts-surge-in-venezuela-oil-output-uber-slashes-10-of-workforce\/71295\/","title":{"rendered":"U.S. Energy Chief Forecasts Surge in Venezuela Oil Output; Uber Slashes 10% of Workforce"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>U.S. Energy Secretary Chris Wright<\/strong> projects Venezuelan oil production will exceed <strong>1.5 million barrels per day (BPD)<\/strong> by H1 2027 and could top <strong>2 million BPD<\/strong> by 2030 following a landmark 25-year energy agreement.<\/li>\n<li><strong>Uber Technologies (<a href=\"\/stock\/UBER\">UBER<\/a>)<\/strong> is cutting approximately <strong>3,300 jobs<\/strong>, or 10% of its global workforce, in a major restructuring aimed at flattening management layers and accelerating AI integration.<\/li>\n<li><strong>Treasury Secretary Scott Bessent<\/strong> announced a systemic crackdown on Iran, warning that <strong>airlines, maritime entities, and digital assets<\/strong> supporting the regime will be targeted for removal from the U.S. dollar system.<\/li>\n<li><strong>Ukraine and Germany<\/strong> are finalizing a &quot;Drone Deal&quot; for joint production of unmanned aerial vehicles and missiles to bolster defense capabilities against Russian aggression.<\/li>\n<li><strong>U.S.-Canada trade tensions<\/strong> escalated as Bessent claimed Canada walked away from the &quot;best trade deal&quot; ever offered, asserting that current tariffs have had &quot;virtually no impact&quot; on U.S. consumer prices.<\/li>\n<\/ul>\n<h2>Energy Markets: Venezuela Expansion and Hormuz Stability<\/h2>\n<p>U.S. Energy Secretary <strong>Chris Wright<\/strong> announced a strategic shift in energy policy during a visit to Caracas, detailing a 25-year partnership with a Venezuelan entity under <strong>U.S. oversight<\/strong>. Wright expects production to climb from the current 1.2 million BPD to over <strong>1.5 million BPD<\/strong> by the first half of next year, providing significant downward pressure on global <a href=\"https:\/\/stockmarketwatch.com\/energy\/crude-oil\" data-internallinksmanager029f6b8e52c=\"12\" title=\"Crude oil\">oil prices<\/a>. The deal involves 17 strategic blocks and anticipates total revenues of up to <strong>$209 billion<\/strong> for Venezuela, with major U.S. firms like Chevron (<a href=\"\/stock\/CVX\">CVX<\/a>) and Exxon Mobil (<a href=\"\/stock\/XOM\">XOM<\/a>) expected to expand their presence.<\/p>\n<p>In the Middle East, Wright confirmed that over <strong>17 million barrels of oil<\/strong> flowed through the <strong>Strait of Hormuz<\/strong> on Monday. Despite ongoing geopolitical tensions, the Secretary emphasized that the U.S. is focused on maintaining freedom of navigation while simultaneously increasing Western Hemisphere production to reduce reliance on volatile regions.<\/p>\n<h2>Tech &amp; Mobility: Uber\u2019s Leaner Structure<\/h2>\n<p>Uber Technologies (<a href=\"\/stock\/UBER\">UBER<\/a>) shares rose over <strong>2%<\/strong> in Wednesday trading following the announcement of a <strong>10% workforce reduction<\/strong>. CEO Dara Khosrowshahi informed staff that the company will eliminate roughly <strong>20% of its management roles<\/strong> to simplify team structures and focus on core growth areas: ride-sharing, delivery, and <strong>autonomous robotaxis<\/strong>.<\/p>\n<p>The restructuring also includes a strict return-to-office mandate, with remote work limited to just <strong>1% of the workforce<\/strong>. Uber is centralizing its global operations into key hubs in <strong>New York and San Francisco<\/strong>, a move designed to &quot;unlock the potential&quot; of AI by removing structural fragmentation that has slowed adoption.<\/p>\n<h2>Geopolitics: Iran Sanctions and Ukraine Defense<\/h2>\n<p>Treasury Secretary <strong>Scott Bessent<\/strong> detailed a &quot;systemic&quot; approach to isolating Iran, targeting any entity\u2014including global banks and digital asset platforms\u2014that facilitates the regime&#39;s trade. Bessent warned that the <strong>Strait of Hormuz<\/strong> could become a &quot;worthless piece of water&quot; within two years as the world develops alternative energy corridors. He emphasized that the U.S. is having &quot;fulsome talks&quot; with any nation supporting Iran, specifically warning that <strong>China<\/strong> is not immune to secondary sanctions if it continues importing Iranian crude.<\/p>\n<p>Concurrently, Ukrainian President <strong>Volodymyr Zelenskiy<\/strong> confirmed that Kyiv and Berlin are finalizing a <strong>&quot;Drone Deal&quot;<\/strong> following a call with German Chancellor Friedrich Merz. The agreement covers the joint development of drones and software, which Zelenskiy noted would provide &quot;additional defense capabilities&quot; for both nations. Germany is also expected to deliver new <strong>air defense packages<\/strong> to Ukraine later this month.<\/p>\n<h2>Trade: The U.S.-Canada Standoff<\/h2>\n<p>The trade dispute between the U.S. and Canada remains at an impasse. Secretary <strong>Bessent<\/strong> criticized Canadian Prime Minister Mark Carney for turning the dispute into a &quot;political shouting match,&quot; asserting that Canada rejected a superior trade offer. Despite the imposition of <strong>50% tariffs<\/strong> on $20 billion in Canadian goods, Bessent maintained that the measures have had <strong>virtually no impact on U.S. prices<\/strong>, signaling the administration&#39;s willingness to maintain economic pressure until a new agreement is reached.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Energy Secretary Chris Wright projects Venezuelan oil production will exceed 1.5 million barrels per day (BPD) by 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