Bloomberg Intelligence Chevron, US Oil Stocks Rally as Trump Vows Venezuela Revival
Jan 5, 2026
George Ferguson, a senior analyst at Bloomberg Intelligence, discusses the impact of U.S. military actions in Venezuela. Aaron David Miller from the Carnegie Endowment shares insights on the geopolitical aftermath of the operation and the cautious international response. Edward Price from NYU analyzes the long-term risks of U.S. intervention and how it sets a precedent for future actions. Together, they delve into the implications for oil markets and the stability of the Venezuelan regime post-Maduro.
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Chevron And U.S. Refiners Are Key Winners
- Chevron stands to benefit most from a Venezuela revival but recovery will be slow due to underinvestment and decayed facilities.
- U.S. Gulf Coast refiners will gain as increased heavy Venezuelan barrels pressure light-heavy differentials and improve margins.
Heavy Crude Supply Will Pressure Canadian Barrels
- Increased Venezuelan supply would put downward price pressure on heavy crude including Canadian oil sands barrels.
- Producers of heavy crude like Canadian oil sands could see steady price declines once Venezuelan flows return.
Operation Used Assets Aligned With Asia-Pacific Needs
- The Venezuela raid used assets central to power projection and mirrors capabilities needed for Asia-Pacific missions.
- Defense spending will likely rise gradually, not in a sudden large step after fiscal 26's anomaly.
