Why Chevron Is Betting Big on Venezuela’s Heavy Crude

The headlines in early 2026 have been dominated by political upheaval in Caracas. Following the dramatic events of early January and the overhaul of Venezuela’s Hydrocarbons Law on January 29, analysts have rushed to debate the morality of renewed American involvement in the Orinoco Belt.

But while the world focuses on the politics, the real story is unfolding thousands of miles away, inside the distillation towers along the U.S. Gulf Coast.

To understand why Chevron is moving aggressively to ramp Venezuelan production, you have to look past diplomacy and into refinery chemistry.

The Mismatch in U.S. Oil

The United States is now the world’s largest oil producer. That sounds like energy independence, but the reality is more complicated.