Venezuela News Updates

A small fleet of ships booked by Chevron is sailing to Venezuela as the company emerges as the only exporter of the country’s oil following the ouster of President Nicolas Maduro by U.S. forces.

Energy Secretary Chris Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami that executives from Chevron, ConocoPhillips and other companies are set to attend.

While the U.S. action is unlikely to have an immediate impact on crude prices given the current glut in the market, it could upend energy markets and have an impact on the geopolitical landscape.

Key members led by Saudi Arabia and Russia agreed Jan. 4 to keep production levels steady through the end of March, ratifying a decision made in November to suspend last year’s sequence of increases.

Oil prices fell back Jan. 5 while the prices of precious metals surged as markets reacted calmly to the U.S. capture of Venezuelan President Nicolas Maduro in a weekend raid.

Key members led by Saudi Arabia and Russia will hold a monthly video conference Jan. 4, and review a decision to halt further supply hikes in Q1 after rapidly reviving production earlier this year.

Chevron has finished discharging a cargo from the vessel Searuby and is in the process of unloading ship Canopus Voyager, according to Bloomberg tanker tracking.

As tensions mount between Venezuela and the U.S., Chevron remains the only global oil company with access to Venezuela’s immense crude reserves — the largest known.

The president's move followed the seizure by U.S. forces of an oil tanker off Venezuela’s coast, which followed a military buildup in the region as the U.S. ramps up pressure on leader Nicolás Maduro.