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California is highly exposed to the disruption rippling across commodity markets because it imports about 20% of its refined fuels from Asia.

The U.S. oil giant signed preliminary agreements to negotiate terms and exchange confidential data with state-owned Basra Oil over the West Qurna 2 field, Chevron said in a statement.

The U.S. is backing Exxon and Chevron as they negotiate in Venezuela, Iraq, Libya, Algeria, Azerbaijan and Kazakhstan, according to public announcements and people familiar with the talks.

Shares of U.S. oil giants Exxon Mobil and Chevron are on track for their largest monthly gains in more than three years, boosted by rising energy prices and geopolitical tensions.

Chevron, the sole Western supermajor permitted to pump Venezuelan oil, is loading tankers at the fastest pace in seven months as the U.S. government moves to control the nation’s crude riches. 

The White House is organizing a meeting Jan. 9 with U.S. oil company executives to discuss Venezuela. Representatives of Exxon, Chevron and ConocoPhillips are expected to attend.

A small fleet of ships booked by Chevron is sailing to Venezuela as the company emerges as the only exporter of the country’s oil following the ouster of President Nicolas Maduro by U.S. forces.

Energy Secretary Chris Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami that executives from Chevron, ConocoPhillips and other companies are set to attend.

While the U.S. action is unlikely to have an immediate impact on crude prices given the current glut in the market, it could upend energy markets and have an impact on the geopolitical landscape.