Chevron(US:CVX) Sou Hu Cai Jing·2026-02-13 11:56Core Viewpoint - The U.S. government has unexpectedly shifted its stance on Venezuelan oil, actively encouraging China to purchase it, which marks a significant change in the international energy landscape [1][3][35]. Group 1: U.S. Strategy and Venezuelan Oil - The U.S. has publicly claimed that China is involved in purchasing Venezuelan oil, suggesting it is granting Chinese capital access to the Venezuelan oil industry [5][27]. - The U.S. is attempting to portray Venezuelan oil assets as attractive, despite them being largely rejected by American capitalists due to their poor quality and high extraction costs [9][24]. - The shift in U.S. policy is driven by the need for a diplomatic achievement ahead of the upcoming elections, as the Trump administration seeks to present a success story to voters [34][42]. Group 2: Challenges of Venezuelan Oil - Venezuelan oil is characterized as heavy, high-sulfur crude that is difficult and costly to extract, requiring advanced technology and significant investment [11][13]. - The political instability in Venezuela has led to a decline in oil production, making it challenging to restart operations without substantial financial input [15][19]. - The U.S. oil giants have collectively refused to take on the Venezuelan oil assets, recognizing the long-term risks and uncertain returns associated with such investments [22][32]. Group 3: China's Position - China has responded coolly to U.S. overtures regarding Venezuelan oil, indicating a lack of interest in taking on the associated risks [27][29]. - The U.S. strategy appears to be an attempt to manipulate the situation to create a perception of demand for Venezuelan oil, hoping to entice American investors back into the market [25][40]. - The notion that China would accept the Venezuelan oil deal is seen as unrealistic, given the high risks and the current geopolitical context [38][42].