Key facts
- President Donald Trump announced that ExxonMobil and Chevron plan to do business in Venezuela.
- This potential move by ExxonMobil marks a significant reversal after its assets were nationalized nearly two decades ago.
- The U.S. is seeking to increase oil production and secure deals in Venezuela.
- The U.S. Strategic Petroleum Reserve is at its lowest level since 1982.
- The Trump administration is expected to approve expanded biofuel waivers for oil refiners.
U.S. President Donald Trump announced that ExxonMobil and Chevron are among American oil companies preparing to enter Venezuela, a significant shift after Exxon's assets were nationalized nearly two decades ago. Trump stated that the U.S. is securing millions of barrels of oil from the country, which is expected to benefit both American companies and the U.S. economy. This development follows the removal of former President Nicolas Maduro and comes as Venezuelan and American officials are poised to sign a deal granting the U.S. access to a fifth of Venezuela's crude reserves. Other international firms are also set to announce new or expanded projects in the country. The news emerges as the U.S. Strategic Petroleum Reserve remains at its lowest point since 1982, and the Trump administration is expected to grant expanded biofuel waivers to oil refiners, potentially doubling the value of renewable fuel credits.