Bernstein Raises Chevron (CVX) Target as Oil Outlook Balances Volatility and Strength

Group 1: Chevron's Market Position and Outlook - Bernstein raised its price target on Chevron Corporation (CVX) to $172 from $170, maintaining a Market Perform rating, indicating a balanced outlook for oil heading into 2026 with expected near-term volatility but long-term strength [1] - Chevron is the only US oil major operating in Venezuela under a US license that exempts it from sanctions, allowing it to export Venezuelan crude to the US [3] - On January 5, Chevron resumed exports of Venezuelan oil to the US after a four-day pause, becoming the only firm consistently exporting Venezuelan crude [3] Group 2: Industry Context and Developments - An agreement between Caracas and Washington allows up to $2 billion of Venezuelan crude to be exported to the US, which is seen as a key negotiation to redirect supply away from China and help Venezuela avoid deeper production cuts [2] - Chevron's operations in Venezuela are significant as it is currently the only company loading crude for export at key Venezuelan ports [3] - Chevron is involved in various sectors including oil and gas production, fuel and chemical manufacturing, and the development of supporting technologies [4]