Yes, definitely. There are plenty of literature demonstrating this. E.g., the production of light hydrocarbons when crude oil is exposed to high-intensity ultrsound. An effective and efficient way to do this is via hydrodynamic cavitation (venturi or orifice cavitation, and rotor/stator type of cavitation devices)
Amir - I looked in my records and could not find a specific use of hydrodynamic (as opposed to transducer) cavitation with crude oil. I found several for hydrolysis of plant oil for the manufacture of biodiesel. I am attaching a white papers written by my business partner using data obtained in his lab using a rotor/stator type reactor. It is not peer-reviewed, but it shows definite effects on heavy crude oil. Hope this helps.