reserves News & Analysis
2 articles
Market Mood
Chevron (CVX) Negotiates Iraq Oilfield Stake with 17.36 Billion Barrels
Chevron (CVX) is negotiating for a stake in two significant Iraqi oil fields, West Qurna 2 and Nasiriyah, which have estimated recoverable reserves of 13 billion and 4.36 billion barrels, respectively. This access could bolster Chevron's overall oil production, currently only 5% sourced from the Middle East. Year-to-date, CVX shares are up 25.11%, driven by geopolitical tensions and market conditions in Venezuela. However, CEO Michael Werth indicated a cautious approach towards these opportunities, highlighting that it may take time for these ventures to impact the company's bottom line.
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People's Bank of China Increases Gold Reserves to 74.38 Million Ounces
The People’s Bank of China (PBOC) expanded its gold reserves to 74.38 million fine troy ounces at the end of March 2023, up from 74.22 million in February. This marked the 17th consecutive month of gold purchases despite the metal experiencing its steepest monthly decline since 2008, dropping 6.35% in March. The value of the PBOC's gold holdings decreased to $342.76 billion from $387.59 billion, marking the first drop in value since May 2025. China's continued accumulation of gold amid market volatility and inflationary pressures may influence overall demand and pricing in gold markets.
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