New York, January 11, 2026, 11:37 EST — Market closed
Chevron (CVX) shares rose 1.8% on Friday, closing at $162.11, as investors digested the company’s assertion that it can quickly boost production in Venezuela. At a White House meeting, Vice Chairman Mark Nelson pointed to Chevron’s century-long presence in Venezuela and its unique position as the only U.S. oil major still active there. He claimed Chevron could immediately double crude “liftings” — the volumes loaded for sale — from its joint ventures with PDVSA, the Venezuelan state oil firm. Nelson added, “We are also able to increase our production within our own disciplined investment schemes by about 50% just in the next 18 to 24 months.” Reuters
U.S. markets remain closed for the weekend, reopening Monday, Jan. 12. Policy cues from Washington are now driving sharp swings in major integrated oil stocks. Chevron’s focus: how quickly Venezuela discussions translate into actual barrels.
U.S. Treasury Secretary Scott Bessent indicated more sanctions on Venezuela might be lifted “as soon as next week” to ease oil sales, with officials reviewing ways to ensure proceeds flow back into the country. He added that nearly $5 billion of Venezuela’s frozen IMF Special Drawing Rights, the fund’s reserve asset, could be used to aid economic recovery. “We’re de-sanctioning the oil that’s going to be sold,” Bessent said. Reuters
Exxon Mobil CEO Darren Woods took a cautious stance in comments released by the company, labeling Venezuela “uninvestable” given the existing legal and commercial conditions. Woods emphasized that Exxon would require lasting investment protections and revisions to hydrocarbon laws, along with security assurances, before deploying a technical team on-site. ExxonMobil
On Saturday, the White House announced that Trump signed an executive order to prevent courts or creditors from seizing Venezuelan oil revenue stored in U.S. Treasury accounts. This action adds to a backlog of legal claims stemming from Venezuela’s earlier nationalizations and may influence the structure of future oil trade deals.
Oil prices got a boost as Brent jumped 2.18% to close at $63.34 a barrel, while U.S. WTI rose 2.35% to $59.12 on Friday. The gains came amid fresh supply concerns sparked by protests in Iran and attacks tied to the Russia-Ukraine conflict, despite analysts warning about rising inventories and potential oversupply. The White House is scheduled to meet with oil firms and trading houses regarding Venezuelan export arrangements; Chevron, Vitol, and Trafigura are among those seeking U.S. approval to sell oil held by PDVSA. “The market will focus on the outcome in the coming days for how the Venezuelan oil in storage will be sold and delivered,” said Tina Teng, market strategist at Moomoo ANZ. Reuters
On Sunday, Trump declared, “THERE WILL BE NO MORE OIL OR MONEY GOING TO CUBA – ZERO!” His administration ramped up the blockade on Venezuela, aiming to pressure Havana into talks. This move highlights how swiftly geopolitics can disrupt crude supply, even before any lasting investment deals emerge. Reuters
Chevron climbed Friday, with Exxon rising roughly 1.4%, while ConocoPhillips dropped 1.2%. Investors will be watching to see if that divergence continues once New York trading kicks back in.
Yet, the Venezuela boost isn’t without complications. Any quicker export route might still run into strict U.S. controls, security challenges, and operational hurdles locally. Plus, oil prices could tumble just as fast if supply concerns ease.
Chevron’s upcoming key event is its fourth-quarter earnings call set for Jan. 30 at 11:00 a.m. ET. Investors will be keen to hear updates on Venezuela and how it might impact the company’s 2026 strategy.
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