Exxon CEO Open to Reconsidering Venezuela Reentry

• Woods stated it is 'absolutely critical' to get a technical team in place to evaluate Venezuela's current oil infrastructure and industry conditions
• The announcement came during a White House meeting between President Trump and oil company executives
• Exxon is considering potentially returning to Venezuela, where it previously had operations before exiting the country

Summary: Exxon CEO Open to Reconsidering Venezuela Reentry

Key Development:

Exxon Mobil CEO Darren Woods indicated on January 9 that the U.S. oil major is considering a potential return to Venezuela, stating the company "could hit the ground running" in the country. Woods emphasized the need to deploy a technical team to assess the current condition of Venezuela's oil industry.

Context:

The comments were made during a White House meeting with President Donald Trump and other oil executives on Friday, signaling potential shifts in U.S.-Venezuela energy relations under the Trump administration.

Company Focus:

Exxon Mobil, one of the world's largest oil companies, has a history in Venezuela but withdrew operations amid political and economic turmoil in the country. Venezuela holds some of the world's largest proven oil reserves, making it strategically significant for major oil producers.

Market Implications:

• A potential Exxon reentry could signal broader normalization of U.S.-Venezuela relations and access to Venezuela's substantial oil reserves
• This could impact global oil supply dynamics and pricing
• Other international oil companies may follow suit if sanctions are eased or lifted
• Venezuela's oil industry has deteriorated significantly in recent years, requiring substantial investment and technical expertise to restore production capacity

Next Steps:

Exxon's immediate priority would be conducting technical assessments of Venezuela's oil infrastructure before making any formal commitment to resume operations. The move would likely depend on U.S. government policy changes regarding Venezuela sanctions and diplomatic relations.