New York, Jan 5, 2026, 13:27 EST — Regular session
- Chevron shares rose as oil rallied on U.S. action in Venezuela and investors priced in a possible policy shift
- Shipping data showed a Chevron-chartered tanker carrying Venezuelan crude departed for the U.S. after a brief pause
- Markets are watching U.S. sanctions policy and Chevron’s Jan. 30 earnings call for next clues
Chevron (CVX) shares climbed 5.8% to $164.92 in early afternoon trading, after touching an intraday high of $171.50. The Dow Jones Industrial Average component was among the session’s biggest gainers as oil-linked names outperformed.
The move matters because investors are trying to reprice what U.S. intervention in Venezuela could mean for future crude flows and for the few companies with on-the-ground exposure. Wall Street’s energy stocks pushed higher as President Donald Trump’s administration moved against Venezuelan President Nicolás Maduro, even as Trump said a U.S. embargo on Venezuelan oil remained in place. 1
Venezuelan crude is typically “heavy sour” — denser oil with higher sulfur — and Gulf Coast refineries were built to handle it. “This type of crude aligns well with the configuration of U.S. Gulf Coast refineries which were historically designed to process such grades,” said Ahmad Assiri, a research strategist at Pepperstone. 2
Trump told reporters he had spoken to U.S. oil companies about investing in Venezuela, but oil industry executives said they had not been consulted before or after the operation to seize Maduro, according to Reuters. Chevron is the only American major currently operating in Venezuela’s oil fields, industry sources told Reuters. 3
Shipping data showed a Chevron-chartered tanker carrying about 300,000 barrels of Venezuelan heavy crude bound for the U.S. Gulf Coast departed on Monday, after a four-day pause in the company’s Venezuelan exports. Reuters also reported that multiple tankers left Venezuelan waters with transponders off in the first days of the year, in apparent defiance of the U.S. blockade. 4
Oil prices rose more than 1% as traders weighed what could change — or not change — for Venezuelan supply in the near term. Brent futures were up 1.4% at $61.62 a barrel and U.S. West Texas Intermediate gained 1.6% to $58.22. OPEC+ kept output steady over the weekend, Reuters reported. 5
Beyond the immediate headlines, analysts are focused on whether a political transition can lift Venezuelan output over time and push down longer-dated oil prices. JPMorgan analysts led by Natasha Kaneva said Venezuela could raise production to 1.3–1.4 million barrels per day within two years, while Goldman Sachs analysts led by Daan Struyven said any recovery would likely be gradual and require substantial investment. 6
But traders also see a long list of hurdles — from rebuilding decayed infrastructure to the legal and political risk of committing capital while U.S. sanctions policy remains unsettled. White House and State Department officials have told oil executives they would need to invest significant capital in Venezuela if they want compensation for assets expropriated two decades ago, Reuters reported, and it could take years before output rises meaningfully. 7
Deal chatter has started to surface alongside the policy uncertainty. A former top Chevron executive, Ali Moshiri, is raising $2 billion for Venezuelan oil projects after the U.S. captured Maduro, the Financial Times reported, according to Reuters. 8
The next hard catalyst for Chevron is its fourth-quarter 2025 earnings conference call on Friday, Jan. 30 at 11:00 a.m. ET, the company said. Investors will also be watching for any White House guidance on how — and when — sanctions and export rules for Venezuelan crude may change. 9
