6 January 2026
If you are covering the impact of the US actions in Venezuela on oil firms, please see the following comment from Maurizio Carulli, global energy analyst at Quilter Cheviot:
“The recent turmoil in Venezuela is unlikely to trigger an immediate shift in global oil markets. While the country holds the world’s largest proven oil reserves, current output is just 900,000 barrels per day – less than 1% of global supply – compared to 3.5 million barrels in the 1990s.
“If political stability returns and major investment revives decades-old infrastructure, production could rise significantly. However, this would require years of work and favourable conditions including political certainty, competitive fiscal terms, reliable credit guarantees, and sustained oil price expectations.
“Chevron, already active in Venezuela, stands to benefit from any reopening, alongside Eni and Repsol. Other majors – ExxonMobil, TotalEnergies, ConocoPhillips, Shell, BP, and Equinor – could also gain if foreign investment resumes. Heavy-oil refiners like Valero and Gulf Coast plants currently reliant on Canadian crude may pivot back to Venezuelan supply. US oilfield service firms such as SLB, Halliburton, and Baker Hughes would likely see opportunities too – but only after a long lead time.”
