US Refineries Poised to Benefit from Venezuela’s Heavy Crude Revival
Venezuela holds the world’s largest proven reserves, dominated by heavy, sour crude in the Orinoco Belt. Reviving production would require massive investment and policy shifts amid sanctions and past expropriations, but US refiners—built to process heavy crude—could gain significantly if political barriers ease, with Chevron seen as best positioned among US majors and skepticism lingering about broader investment.