On January 16, 2024, Chevron and its partners announced plans to expand production at Israel's Leviathan gas field, a project budgeted at $2.36 billion. This expansion is expected to increase gas deliveries from the field by 9 billion cubic meters (bcm) per year, bringing the total to approximately 21 bcm. The gas produced will be directed to Egypt and potentially to Europe in the form of liquefied natural gas.

Leviathan is one of the largest gas fields in the Eastern Mediterranean, with an estimated 635 bcm of recoverable gas. The expansion is projected to raise Israel's total gas output by over 25%, according to NewMed Energy, a partner in the project. The agreement for gas exports to Egypt was reached last year, coinciding with a decline in Egyptian gas production that began in 2022, which has led Egypt to increasingly rely on Israel for gas supplies despite ongoing regional tensions.

The Leviathan expansion is expected to be operational by 2029. The partners in the project include Chevron Mediterranean Ltd, which holds a 39.66% stake, NewMed with 45.34%, and Ratio Energies with a 15% share. Following the announcement, shares in NewMed and Ratio Energies saw increases in Tel Aviv trading. Chevron's interests in the Eastern Mediterranean also encompass the Tamar gas field offshore Israel and the Aphrodite gas field offshore Cyprus, which is currently under development.

In a separate development on the same day, Venezuela's interim president announced the dismissal of Alex Saab from his role as minister of industry. This decision was communicated via a Telegram message by Delcy Rodriguez, who indicated that the ministry would be merged with the commerce ministry and expressed gratitude for Saab's service, stating he would assume new responsibilities.

This change occurs amid increased pressure from the United States, particularly following a military raid on January 3 that resulted in the ousting of former President Nicolas Maduro. Saab, a Colombian-born businessman, was previously released in 2023 as part of a prisoner exchange with the U.S. He had been appointed to the ministerial position in October 2024 by Maduro, who had been a close associate of Saab.

Saab's background includes his arrest in 2020 during a stopover in Cape Verde, where he was detained under an Interpol notice related to allegations of money laundering for Maduro. He was subsequently extradited to the U.S. and faced charges for operating a network that misappropriated food aid intended for Venezuela. Upon his release, Saab received a warm welcome in Caracas.

The dismissal of Saab is part of a broader series of changes within the Venezuelan government following the U.S. capture of Maduro and his wife, Cilia Flores. These developments highlight the intersection of U.S. foreign policy and internal governance issues in Venezuela, raising questions about the implications for humanitarian conditions in the country.