### Chevron Resumes Venezuelan Oil Shipments Amid Political Turmoil In a significant development, Chevron has resumed oil shipments from Venezuela following a period of political upheaval marked by the capture of President Nicolás Maduro by U.S. forces. This resumption has led to a rise in Chevron's stock and that of oilfield service firms, as there are growing expectations for increased private investment in Venezuela's energy sector. However, the situation remains complex, with Venezuela's state-run oil company PDVSA requesting joint ventures to cut back on oil output due to an ongoing export paralysis and storage issues exacerbated by the U.S. blockade [https://www.indexbox.io/blog/chevron-resumes-venezuela-oil-shipments-after-political-upheaval, https://cyprusshippingnews.com/2026/01/08/venezuelas-pdvsa-asks-some-joint-ventures-to-cut-back-oil-output]. ### Breakdown of the Current Situation 1. **Chevron's Role**: - Chevron is currently the only major company allowed to operate in Venezuela, continuing to load crude oil while other shipments, particularly to China, remain on hold [https://www.independent.ie/business/world/chevron-keeps-shipping-venezuelan-oil-but-exports-to-china-on-hold/a1818637486.html]. 2. **Impact of U.S. Blockade**: - The U.S. naval blockade has severely restricted Venezuela's oil exports, leading to a significant reduction in production and storage capacity issues for PDVSA [https://thedeepdive.ca/venezuelas-oil-terminals-go-dark-as-blockade-drives-production-toward-catastrophic-collapse]. 3. **Economic Consequences**: - Venezuela is facing an economic collapse, with oil exports, its primary revenue source, at a standstill due to the blockade and political instability [https://www.nwaonline.com/news/2026/jan/07/venezuela-faces-economic-collapse]. ### Supporting Evidence and Data - **Chevron's Operations**: - Chevron has resumed shipments, but operations for loading oil for Chinese customers have been halted for several days [https://bilyonaryo.com/2026/01/07/chevron-continues-to-ship-venezuelan-oil-but-loading-on-hold-for-chinese-buyers-shipping-data-shows]. - **Production Cuts**: - PDVSA has begun cutting oil production and has requested joint ventures to reduce output due to a lack of storage capacity [https://oilprice.com/latest-energy-news/world-news/u-s-oil-blockade-forces-venezuelas-pdvsa-to-slash-production.html]. - **Tankers' Movements**: - Reports indicate that several sanctioned tankers have left Venezuela using "dark mode" tactics to evade detection by the U.S. blockade [https://thedeepdive.ca/sanctioned-tankers-make-mass-run-to-break-venezuela-blockade]. ### Summary of Findings 1. **Chevron's Resumption of Shipments**: Chevron has resumed oil shipments from Venezuela, becoming the sole operator in the region following political upheaval. 2. **Ongoing Challenges**: The U.S. blockade continues to hinder Venezuela's oil exports, leading to production cuts and economic distress. 3. **Future Outlook**: The situation remains fluid, with potential for increased private investment in Venezuela's energy sector, contingent on political stability and easing of sanctions. In conclusion, while Chevron's operations signal a potential recovery for Venezuela's oil sector, the overarching challenges posed by the U.S. blockade and internal economic issues present significant hurdles for the country's future [https://www.indexbox.io/blog/chevron-resumes-venezuela-oil-shipments-after-political-upheaval, https://cyprusshippingnews.com/2026/01/08/venezuelas-pdvsa-asks-some-joint-ventures-to-cut-back-oil-output].