Once the engine of Venezuela's wealth, the communities around Lake Maracaibo now stand as decaying monuments to the nation's oil collapse. As a controversial U.S. plan promises a $100 billion investment, residents of the ghostly 'oil camps' are caught between desperate hope and deep-seated skepticism.
Despite political pressure and vast reserves, U.S. oil majors ExxonMobil and Chevron are taking a cautious stance on new spending in Venezuela, demanding legal stability and fiscal reforms before committing fresh capital, even as they signal long-term interest.
U.S. oil giants ExxonMobil and Chevron hinted at a potential future role in Venezuela's energy revival during earnings calls, emphasizing the need for legal stability and clearer political outcomes before any major commitments. While sanctions ease and new legislation emerges, the path to significant investment remains long and fraught with uncertainty.
A dual shift in U.S. sanctions and Venezuelan oil law is unlocking the country's vast reserves for American companies, marking a potential turning point after decades of nationalization and economic isolation.
ExxonMobil and Chevron signal that significant investment in Venezuela's vast oil reserves hinges on clearer legal and fiscal stability, despite recent political changes and White House pressure.
In a landmark shift, Venezuela's parliament has passed sweeping reforms to its hydrocarbons law, aiming to lure private capital into its crippled oil industry. The move, backed by a new U.S. license, signals a potential turning point for the nation's economy.
The Trump administration has issued a broad license allowing U.S. entities to engage in key oil activities in Venezuela, a major sanctions relief step aimed at jumpstarting the nation's crippled energy industry under its new U.S.-backed leadership.
In a landmark move, Venezuela's parliament has passed reforms to its hydrocarbons law, easing state control and aiming to lure back foreign capital to its struggling oil industry, coinciding with a partial easing of U.S. sanctions.
Chevron is significantly increasing crude exports from Venezuela to the United States, capitalizing on a special U.S. license and growing demand from Gulf Coast refineries, while new competitors enter the recently reopened market.
In an exclusive 'Face the Nation' interview, Nobel laureate María Corina Machado discusses Venezuela's future after U.S. intervention, while domestic debates over ICE tactics and a partial government shutdown highlight deepening political divisions.
Chevron CEO Mike Wirth signals the energy giant could significantly ramp up processing of Venezuelan crude at its U.S. refineries, following a pivotal Treasury Department license that eases trade restrictions with Caracas.
Despite political instability, Libya's low production costs and proximity to key markets are drawing major investment, while Venezuela's vast reserves remain hamstrung by economic and geopolitical hurdles.
Amid a sharp drop in annual profits, Chevron and Exxon Mobil chart starkly different courses on Venezuela's oil potential, highlighting the industry's split response to geopolitical risk and economic uncertainty.
Facing a new U.S. threat of tariffs on nations supplying oil to Cuba, Mexican President Claudia Sheinbaum pledges to pursue diplomatic channels and seek alternatives to avert a potential humanitarian crisis on the island, while safeguarding Mexico's own economic interests.
A U.S. license shift paves the way for Chevron to expand its unique position in Venezuela's oil sector, offering potential upside amid significant political and operational risks.
Chevron Corp. reported a drop in fourth-quarter earnings that nonetheless beat analyst expectations, as the oil giant emphasized operational efficiency to navigate lower crude prices. The company, the sole U.S. producer active in Venezuela, signaled it is assessing further investment opportunities in the country following recent geopolitical shifts.
Havana denies White House accusations of being a security threat while appealing for constructive talks, as U.S. pressure cuts off vital Venezuelan oil supplies and risks a humanitarian crisis.
Mexico faces a delicate balancing act as U.S. tariff threats targeting nations supplying oil to Cuba pressure a key trading partner to choose between economic interests and regional solidarity.
The Trump administration has escalated pressure on Cuba by declaring a national emergency and threatening punitive tariffs on countries supplying it with oil, while simultaneously finalizing a reciprocal trade agreement with Guatemala aimed at bolstering Western Hemisphere supply chains.
All known American citizens detained in Venezuela have been freed by the interim administration, marking a significant shift following the political transition after former President Maduro's extradition.
