Trump Announces ExxonMobil and Chevron's Entry into Venezuelan Oil Market

US President Donald Trump announced on Monday that ExxonMobil is planning to do business in Venezuela, marking a significant reversal nearly two decades after the company exited the country. Trump stated at a press event in the Oval Office that Exxon is among several companies, including Chevron, set to enter the South American nation.

The move comes as the US pushes to kick-start oil production in Venezuela after the capture and removal of former President Nicolas Maduro by US forces in January. Trump claimed that the US is making a 'fortune' from its efforts to access Venezuelan crude reserves, with American companies extracting millions of barrels of oil currently being shipped to refineries in Texas and Louisiana.

ExxonMobil had previously expressed concerns about investing in Venezuela due to a lack of durable investment protections. However, in March, the company sent a technical team to study opportunities in the country, although it has remained tight-lipped about its plans since.