Always remember this about the oil industry. It is a long-term business. Finding oil and actually getting it to market today takes years from initial finding.

That long-term thinking has come into play at Chevron (CVX) this year, resulting in a major strategy shift in Venezuela that’s captured the attention of analysts at Melius Research, a Wall Street investment house.

Melius upgraded Chevron and boosted its price target, recognizing a shift toward more aggressive production in Venezuela and exploration overseas. Those moves could make a recent drop in oil prices immaterial, despite Saudi Arabia flooding global oil markets to punish other members of the Organization of Petroleum Exporting Countries that are flagrantly…