Chevron, Oil Stocks Soar as Trump Promises Revival of Venezuelan Oil Industry

Group 1 - Venezuelan President Nicolás Maduro has been captured, leading to a positive market reaction for energy firms [1][2] - Shares of oil producers, refiners, and oilfield-services companies experienced significant increases, with Chevron rising 5%, ConocoPhillips up 5%, and Exxon Mobil increasing by 2% [4] - Oilfield-services firms such as Halliburton, SLB, and Baker Hughes saw their shares jump by 8%, 8%, and 5% respectively [4] Group 2 - Oil refiners Valero Energy, Marathon Petroleum, and Phillips 66 also saw substantial gains, with shares up 10%, 6%, and 6% respectively [5] - West Texas Intermediate futures rose by 1.2% to $58 per barrel following the news [5] - Venezuela holds the world's largest known oil reserves, estimated at 300 billion barrels, which is nearly 20% of global supply, but currently only accounts for about 1% of global production [3][5]