Exxon Strikes Preliminary Deal to Return to Venezuela

Summary

Exxon Mobil has reached a preliminary deal that would bring the biggest U.S. oil company a step closer to pumping oil in Venezuela again, nearly two decades after it left the country. Semafor reports that Venezuelan crude production has risen moderately since the U.S. ousted Venezuela's president in January, but output remains far below its 1990s peak.

Timeline

1. The New York Times

   10 Nov 2026, 00:51 UTCSource ↗

   The New York Times reports that Exxon has struck a preliminary deal that brings it a step closer to pumping oil again in Venezuela, nearly two decades after it left the country.

2. Semafor

   10 Nov 2026, 12:20 UTCSource ↗

   Semafor reports that ExxonMobil is eyeing a return to Venezuela after two decades, noting that crude production has risen moderately since the U.S. ousted Venezuela's president in January but remains far below its 1990s peak.