Overview
- President Trump said Americans should benefit from Venezuela's oil as he defended U.S. action, tying the move directly to access to the country's reserves.
- Venezuela holds about 303 billion barrels of crude, yet current output is roughly 0.9 million barrels a day versus around 3.2 million two decades ago.
- Chevron remains the only major producing under a U.S. Treasury exemption and accounts for about a third of Venezuela's output, while ConocoPhillips and ExxonMobil signal plans to re-enter.
- Brent and WTI fell roughly 0.4%–0.5% on Monday, U.S. oil and defense shares advanced, safe-haven metals rose, and Germany's DAX hit an intraday record.
- OPEC+ said it will maintain high production levels, and experts expect limited short-term price impact given overcapacity, heavy investment needs, and elevated political and expropriation risks in Venezuela.