U.S. Oil Stocks Climb After U.S. Venezuela Intervention
Chevron Corp, the sole major American energy producer maintaining operations within Venezuelan territory, experienced the most dramatic gains—shares jumping as high as 10% before markets opened. ConocoPhillips witnessed nearly 9% growth, while Exxon Mobil Corp advanced more than 3% in early trading activity.
The stock rally followed Trump's announcement after Venezuelan President Nicolas Maduro's detention that American involvement in the nation's energy sector would be substantial.
"We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country," Trump said in a press conference on Saturday.
The stakes are enormous: Venezuela possesses the planet's most extensive confirmed petroleum deposits—approximately 303 billion barrels according to current estimates.
Yet output has plummeted dramatically in recent years, driven by government control over the industry, insufficient capital investment, and punitive international restrictions that crippled the sector's capabilities.
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