Chevron Stock Rises on Reported Deal to Invest in Venezuelan Oil Fields

Chevron's stock has risen by about 1% on reports that the company is near a deal to invest billions of dollars in Venezuela's oil fields. The potential agreement would see Chevron expand its operations in the country, adding two new heavy-oil fields to its portfolio.

This move comes after other major U.S. oil companies pulled out of Venezuela over the past 20 years due to political instability and a struggling domestic economy. Chevron remains the only major U.S. oil company still active in the country.

The deal is seen as a win for the Trump administration, which has been pushing to revitalize Venezuela's oil industry and develop its oil reserves. The country holds the world's largest proven oil reserves, estimated at approximately 303 billion barrels, accounting for nearly 20% of the global total.