US to send delegation to Venezuela this week to discuss US buying oil from Venezuela. This is heavy oil, exactly what the US needs. This is huge for investors.
I guess this means that Chevron's gamble to stay in
Venezuela is going to pay off big time. Again, Buffett knew what he was
doing when he doubled down on Chevron.
From as recently as a month ago, from Reuters:
The Biden administration is considering a Chevron Corp (CVX.N) proposal to allow the U.S. oil major to accept and trade Venezuelan oil cargoes to recoup unpaid debt, four people close to the discussions said. Chevron representatives in recent months held at least one high-level meeting with U.S. diplomats along with Venezuelan opposition envoys, according to two of the people.
They described it as a milestone in the company's year-long lobbying efforts to win a change in its license to operate in Venezuela.
All "oils" are up today so hard to say how this news will effect CVX but it certainly can't hurt it. I think the sum of the parts is bigger than the whole.
Chevron's gamble in Venezuela was one of the biggest worries I've had over the past couple of years. I guess I can sleep soundly tonight.
More: I think the timing is interesting --- just one month ago, things were looking up for CVX with regard to Venezuela -- and then the announcement today.
This could be the biggest story of the year month day hour. Things are moving way too quickly. But wow, Warren Buffett is either brilliant or really, really lucky.
Trudeau in Canada must be going nuts. LOL. Trudeau is actually making Maduro look better.
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