New York, January 28, 2026, 14:39 EST — Regular session underway
Chevron shares ticked up Wednesday following a Reuters report that the company plans to boost Venezuelan crude exports to the U.S. to around 300,000 barrels per day in March. The stock gained 0.3% to $169.48 in afternoon trading, after briefly hitting $170.42. Exxon Mobil also climbed, rising 0.4%. (Reuters)
The key issue now is timing. New Venezuelan crude hitting the U.S. Gulf Coast could alter pricing for heavy grades and the “differentials”—the discounts or premiums against benchmarks like Brent—that refiners and producers track closely. Ben Hoff, head of commodity research at Societe Generale, noted that “Venezuelan production remains structurally challenged,” and any increase is “really not solvable within a short timeframe.” (Reuters)
Crude prices held firm, boosting the sector. Brent climbed 1.1% to $68.33 a barrel, while U.S. West Texas Intermediate rose 1.2% to $63.15 around 2 p.m. ET. The gains followed data showing a 2.3 million-barrel drop in U.S. crude inventories. “The markets were up on concerns about the U.S.’ armada,” said Phil Flynn, senior analyst at Price Futures Group. (Reuters)
U.S. officials are preparing a general license for Venezuela’s energy sector, a move that would simplify sanctions compliance by replacing the current patchwork of company-specific approvals, sources told Reuters. This shift follows recent individual licenses given to trading firms Vitol and Trafigura, allowing them to handle Venezuelan oil shipments under a $2 billion supply deal, according to the report. (Reuters)
Chevron is also in talks overseas that traders are watching closely. Reuters says the company wants Iraq to boost returns at the massive West Qurna 2 oilfield before it buys the project from Lukoil. This follows Iraq’s move to nationalise control after U.S. sanctions hit the Russian operator. “The negotiations are still ongoing,” Iraq’s oil ministry told Reuters. (Reuters)
Separately, Chevron announced the addition of Thomas W. Horton, former American Airlines chairman and CEO, to its board as an independent director and member of the audit committee. CEO Mike Wirth revealed in December that he’s in talks with the board about the timing of his departure. (Reuters)
A downside scenario is clear. A group of a dozen House Democrats cautioned companies about potential legal and financial risks tied to any Venezuelan deals or investments, pointing to unclear legal grounds under the current administration for control over Venezuela’s assets. “Participation might present your company with legal and enforcement risk,” the lawmakers warned. (Reuters)
Chevron is set to release its fourth-quarter 2025 earnings on Friday, Jan. 30, ahead of the market open. Investors will focus on any insights into Venezuela export volumes and compliance, plus updates on negotiations and returns from Iraq.
