Chevron Corporation shares closed higher on Friday, gaining 0.73% to settle at $183.74. The move followed a U.S. decision to relax certain sanctions on Venezuela's oil industry, permitting major international firms to maintain operations and engage in new investment discussions.
The policy shift represents a significant development for energy companies with Venezuelan exposure. A Chevron spokesperson described the action as "important steps toward enabling the further development of Venezuela's resources." However, substantial political and regulatory risks remain for future projects in the region.
Separately, reports surfaced that Venezuela could award additional oil drilling blocks to Chevron and Spain's Repsol as early as this week. Both companies declined to comment on the speculation.
In the broader energy market, oil prices finished slightly higher. Brent crude futures rose 0.3% to $67.75 per barrel, while U.S. West Texas Intermediate crude settled at $62.89. Both benchmarks, however, recorded weekly losses following volatile trading sessions.
Market attention now turns to the upcoming OPEC+ meeting on March 1. According to sources, the producer group is signaling a potential restart of output increases beginning in April, citing expectations of rising seasonal demand.
Energy sector performance was mixed. While Chevron and ConocoPhillips posted gains, Exxon Mobil shares declined 0.99%. U.S. markets are closed Monday for the Presidents Day holiday, with trading set to resume on Tuesday.
