Exclusive: Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro, sources say - Reuters

Reuters
March 10, 2026
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2 min read

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The Bottom Line

Chevron and Shell are nearing major oil production deals in Venezuela after the U.S. captured Maduro.

How This Affects You

Increased Venezuelan oil output could lead to lower global oil prices, potentially reducing gasoline costs for you at the pump.

AI Summary

Chevron and Shell are reportedly nearing agreements for significant oil production deals in Venezuela, according to sources familiar with the matter. These potential deals would mark the first major production agreements since the U.S. apprehension of Nicolás Maduro. The negotiations indicate a shift in U.S. policy and energy sector engagement with Venezuela following the change in its political leadership. Such agreements could substantially increase Venezuela's oil output and alter global energy market dynamics. The finalization of these deals would signal a new phase for foreign investment in Venezuela's critical oil industry.

What's Being Done

Chevron and Shell are reportedly nearing agreements for significant oil production deals in Venezuela.

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