Trump says Exxon is entering Venezuela as U.S. pushes oil deals

• ExxonMobil declined to comment on Trump's claim, though the company previously called Venezuela 'uninvestable' and sent a delegation in March to study opportunities
• Trump stated the U.S. is extracting 'millions and millions of barrels of oil' from Venezuela, shipping it to refineries in Texas and Louisiana
• Multiple companies including Chevron, GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark are set to announce agreements for new or expanded Venezuelan projects

Summary: Trump Announces Exxon's Entry into Venezuela Oil Market

President Donald Trump announced Monday that ExxonMobil, America's largest oil major, is among companies planning to enter Venezuela's oil sector, marking a dramatic reversal nearly two decades after Exxon exited following asset nationalization.

Key Developments:

Exxon declined to comment on Trump's statement. The company currently operates in neighboring Guyana, producing over 900,000 barrels daily. CEO Darren Woods previously called Venezuela "uninvestable" during a January White House meeting, though the company announced in March it would send a team to study opportunities.

Other Companies Involved:

Trump confirmed multiple U.S. oil majors are "bidding" for Venezuelan projects, including Chevron. Additional firms expected to announce agreements include GE Vernova, India's ONGC, Italy's Eni, and Colombia's GeoPark.

Political Context:

The push follows U.S. forces capturing and removing former President Nicolas Maduro in January. Trump stated the U.S. is extracting "millions and millions of barrels of oil" now being shipped to Texas and Louisiana refineries, claiming both countries are "making a fortune."

Upcoming Negotiations:

Venezuelan and American officials are expected to finalize deals this week in Caracas that would grant the U.S. access to one-fifth of Venezuela's crude reserves.

Market Implications:

This represents a significant geopolitical and commercial shift, potentially opening a major oil-producing nation to Western investment after years of isolation. However, concerns about investment protections and political stability remain, as evidenced by Exxon's earlier skepticism about the market's viability.