Venezuela

[Randy Daytona]

Cuba’s refineries are setup to run on heavy oil from Venezuela so I expect there to be an energy crisis in Cuba.

Also, if Chevron (the only US oil company currently operating in Venezuela) expands production, the US government will have options for heavy crude for Gulf Coast refineries other than Albertan tar sands. This could impact US-Canada relations as Alberta doesn’t have a trans-Canada pipeline either west or east to get their crude to market.

Edit: Ian Bremmer’s analysis was recently published:

Here comes Chevron and Shell.

Exclusive: Chevron, Shell closing in on first big oil production deals in Venezuela since US captured Maduro, sources say

International oil majors Chevron and Shell are closing in on the first big oil production deals with Venezuela since the U.S. capture of President Nicolas Maduro in January, five sources close to the negotiations told Reuters.

www.reuters.com

Chevron is also making a move in Iraq.

Chevron, Iraq agree to exclusive talks over West Qurna 2 oilfield

Chevron has entered into exclusive talks with Iraq over the giant West Qurna 2 oilfield, moving closer to acquiring the field from sanctioned Russian oil firm Lukoil .

www.reuters.com