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Marketplace Morning Report

What would it take to boost Venezuelan oil production?

Marketplace Morning Report

Marketplace

News, Business

4.5927 Ratings

🗓️ 5 January 2026

⏱️ 9 minutes

🧾️ Download transcript

Summary

Investors see some oil companies as big winners with the U.S. forcing a change of leadership in Venezuela. This morning, we'll hear how U.S. oil companies are faring in light of the news. Then, we'll provide some context for oil production and chat about global demand, what it'd take to develop Venezuela's infrastructure to help spark production, and learn how long it would take for U.S. oil companies to be reimbursed for investments.

Transcript

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0:31.6

Investors see some oil companies as big winners, with the U.S. forcing a change of leadership in Venezuela.

0:38.8

I'm David Brancaccio in Los Angeles. The price of crude oil is up modestly up 1.4% above

0:44.9

where it was before U.S. forces detained the leader of Venezuela. The country said to have the

0:49.8

largest reserves of crude oil in the world. Crude traded in New York is up about one and a half

0:55.7

percent, $58 a barrel now. That's still in the very cheap category, we have to say. What is moving

1:02.0

higher are the stock prices of some international oil companies. Conoco-Philip stock up 6 percent now.

1:08.1

Exxon stock up 2.3 percent. For Chevron, the one U.S. oil company that kept operations in Venezuela,

1:15.1

the stock is up 6.2% now. Marketplaces Nancy Marshall-Genzor is following this.

1:20.5

Venezuela has almost a fifth of the world's total crude oil reserves. According to the U.S.

1:26.1

Energy Information Administration, Chevron,

1:29.2

Conoco-Philips, and ExxonMobil once had big operations in Venezuela. But Venezuela

1:34.6

nationalized its oil industry about 50 years ago, and in the early 2000s, the Venezuelan

1:41.1

government ordered firms still doing business there to form joint ventures

1:45.1

with the state-owned oil company. Chevron complied and remained. ExxonMobil and Conoco

1:51.1

Phillips refused, going to court instead. They eventually won their case at the World Bank's

1:56.7

International Center for Settlement of Investment Disputes, but Venezuela has yet to pay up.

...

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