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It's a Symbolic Win for Trump in Venezuela
Newser • • world
Key Points:
- ExxonMobil has entered a preliminary, nonbinding agreement with Venezuela to explore potential drilling projects, reversing its earlier stance of labeling the country "uninvestable" in January.
- The move aligns with other US companies' recent efforts to re-engage with Venezuela amid changes in the country's oil laws and rising global oil prices.
- Interim Venezuelan President Delcy Rodriguez welcomed ExxonMobil's return during a signing ceremony, framing the deal as a political win for President Trump, who has encouraged US producers to re-enter Venezuela following the removal of Nicolás Maduro.
- ExxonMobil emphasized that any future investments depend on Venezuela maintaining stable policies and offering competitive returns, reflecting caution after past disputes over expropriated assets.
- The shift comes as oil prices have surged 50% due to geopolitical tensions, increasing demand for crude sources outside the Strait of Hormuz.
