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Chevron demands further Hydrocarbons Law changes before scaling Venezuela investment
Read full source ↗CEO Mike Wirth said at CERAWeek Houston that Chevron sees progress in Venezuela but the hydrocarbons law needs to reflect OFAC license conditions: contracts under US law and dispute resolution in international courts. Rodriguez has shown reluctance to discuss another reform.
This is the first public signal that major oil companies will not scale investment with OFAC licenses alone. They need local law to align with Washington conditions. If Rodriguez doesn't yield on this, production stalls at ~1M bpd. The Chevron-Rodriguez tension is the sector's most important friction and nobody is covering it with this granularity.
Former congressman David Rivera faces trial for illegal lobbying for Venezuela's government
Read full source ↗Trial begins in Miami federal court. Rivera allegedly lobbied Maduro's interests before US officials to avoid sanctions. Secretary of State Marco Rubio will testify. Rivera had a consulting contract with a PDVSA subsidiary in the US.
The trial will reveal documents about how PDVSA influence networks operated in Washington. For investors: the compliance risk of hiring lobbyists connected to Venezuela is real and has judicial precedent.
Rodriguez replaces entire military high command, including Strategic Command chief Domingo Hernández Larez
Read full source ↗It wasn't just Padrino. Rodriguez swore in new ministers and authorities at Miraflores. The complete high command replacement — not just Defense — confirms a total reorganization of the military chain of command.
This goes beyond what was reported on March 18. It wasn't a minister change — it was a complete purge of the high command. For the investor: Rodriguez's consolidation over FANB reduces internal coup risk but concentrates power in a single person.
Protest in Caracas over wages and pensions: police block the march
Read full source ↗Protesters demanded better wages, pensions and benefits. The Bolivarian National Police blocked the march. AP photographs show confrontation.
Brent closes at $100.49 — retreats from last week's $103+
Read full source ↗Crude retreats on signals of possible Iran-US talks. The Hormuz risk premium compresses slightly. Venezuelan production unchanged at 1,021K bpd.
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