Exxon Moves Forward With Venezuela Oil Review After Trump Rebuke
- - Exxon Moves Forward With Venezuela Oil Review After Trump Rebuke
Snigdha GairolaJanuary 14, 2026 at 11:31 PM
0
Exxon Mobil Corp. (NYSE:XOM) is moving forward with plans to assess Venezuela's oil assets, even after President Donald Trump publicly criticized the company for its cautious approach.
Exxon Plans Venezuela Oil Assessment
On Monday, a source familiar with Exxon's strategy told Reuters that the company is prepared to send a technical team to Venezuela within weeks to evaluate oil infrastructure and other assets.
The announcement comes a day after Trump said he "didn't like Exxon's response" and suggested the company might be excluded from U.S.-backed investment opportunities in the country.
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CEO Stresses Legal Reforms Before Investment
Last week, during a White House meeting with Trump and other top oil executives, Exxon CEO Darren Woods emphasized that Venezuela needed to implement legal reforms and protect foreign investments before Exxon could commit to operations.
Woods also expressed optimism that the U.S. administration could help address Venezuela's challenges.
Exxon and ConocoPhillips (NYSE:COP) left Venezuela after the government nationalized the oil industry under former President Hugo Chavez, leaving the companies collectively owed more than $13 billion from arbitration claims.
Chevron Corp. (NYSE:CVX) remains the only major U.S. oil company currently operating in Venezuela.
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Venezuelan Oil Deals, US Policy Moves
Earlier this month, Global trading houses Vitol and Trafigura led in securing Venezuelan crude deals, outpacing U.S. oil majors as President Trump urged American firms to invest billions.
Both companies received special licenses to export oil, with Trafigura preparing its first shipment, while Washington and Caracas neared a $2 billion deal to sell stranded crude to U.S. refiners.
Trump also signed an executive order protecting Venezuelan oil revenue in U.S. Treasury accounts from court seizures, citing national security and foreign policy.
The move followed the U.S.-backed capture of Nicolás Maduro and his wife, both indicted on drug-trafficking charges.
The capture reignited debate over Venezuela's oil return to global markets.
Analysts expected increased supply, but energy strategist Jeff Krimmel warned U.S. export restrictions would limit barrels for political purposes and accelerate regionalization of oil trade.
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