Trump says Exxon is ’going in’ to Venezuela as US pushes oil deals

President Donald Trump announced on Monday that major U.S. oil companies, including ExxonMobil, Chevron, and others, are planning to enter the Venezuelan market. This move comes nearly two decades after Exxon left the country following the nationalization of its assets. Exxon has been operating in Guyana, where it manages the Stabroek Block, which produces over 900,000 barrels of oil daily.

Trump claimed that the U.S. is reclaiming millions of barrels of oil that are currently being shipped to refineries in Texas and Louisiana. He stated that both the U.S. and the oil companies are making substantial profits from the potential returns in Venezuela. Exxon CEO Darren Woods had previously criticized Venezuela as "uninvestable" during a White House meeting in January, but the company recently sent a technical team to assess investment opportunities.

A deal is expected later this week in Caracas to grant the U.S. access to a fifth of Venezuela's crude reserves. Other international firms like Chevron, GE Vernova, ONGC, Eni, and GeoPark are also preparing to sign agreements for new or expanded projects in the country.