The enormous investments that the US and Venezuela have promised from their new oil production deal have brought cautious optimism that Venezuelans face a new period of prosperity after more than a decade of economic and social turmoil.

Oil rose on Friday and are on track for the steepest weekly gain since mid-July as renewed U.S.-Iran tensions heightened concerns over Middle East supply risks.

Chevron, the only U.S. oil company operating in Venezuela, said it has received additional land in the Orinoco Belt region and plans to double its oil production.

Chevron is expanding its Venezuela oil operations with more than $7 billion in planned investment and new acreage as it targets sharply higher production.

The Trump administration’s deal with a private oil company to increase oil production in the South American country could take many years to come to fruition.

(Refiles to remove extraneous words at end of story) By Colleen Howe BEIJING, Sept 3 (Reuters) - As China learns to live on less fuel since the Iran war, its carbon emissions are falling, a new analysis showed on Thursday,

Oil trading is becoming more accessible to individual investors as smaller futures contracts, ETFs and online brokerages lower longtime barriers to the market.