Will take decades for Venezuela to produce millions of oil barrels daily: Rapidan's McNally

Summary

CNBC's Power Lunch discusses President Trump's meeting with oil executives and the outlook for Venezuela's oil production. Helima Croft of RBC Capital Markets and Bob McNally of Rapidan Energy Group explain that while service companies and Chevron could help Venezuela add a few hundred thousand barrels per day over the next 1-2 years, reaching million-barrel-per-day levels will take decades and tens of billions of dollars. McNally also says the peak oil demand narrative is collapsing, supporting a long-term need for more oil. The segment highlights near-term beneficiaries like service companies and Chevron, while cautioning that Venezuela's infrastructure and political challenges remain severe.

• Trump met with oil executives to discuss Venezuela oil production.
• Helima Croft expects service companies and Chevron to return/ramp in Venezuela.
• Bob McNally sees near-term Venezuela additions of 300,000-500,000 barrels per day.
• Million-barrel-per-day additions from Venezuela are years to decades away.
• McNally says the peak oil demand narrative is collapsing.
• SLB is highlighted as a direct beneficiary as Chevron's service provider.
• Venezuela faces severe infrastructure, health, and security challenges.
• The discussion implies limited near-term oil supply relief from Venezuela.