Exxon Returns to Venezuela with $10 Trillion Oil Deal

ExxonMobil is reportedly close to reaching an agreement to invest in Venezuela's oil industry, nearly two decades after the company's initial exit. This potential deal would see Exxon partnering with state-owned Petróleos de Venezuela (PDVSA) to explore fields containing up to 50 billion barrels of crude.

The move comes as the US seeks to boost oil production in Venezuela, which has been under Washington's effective control since 2020. The Biden administration aims to increase output to alleviate soaring international energy prices exacerbated by the Iran conflict.

However, despite efforts to attract investment, Venezuela's oil production remains stagnant. Experts estimate it could take years for the country to return to pre-Chavista levels of production.