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Exxon Mobil negotiating Venezuela oil deal, Javier Blas reports
Javier Blas reports that Exxon Mobil is in discussions to acquire rights to produce oil in Venezuela, nearly two decades after the company was effectively expelled from the country.
A deal could be announced as soon as this month, according to reporting from the New York Times referenced by Blas.
Blas recently noted a rebound in the physical oil market as Asian refiners increased spot purchases, although prices have stayed below April highs (link). In a separate report, he highlighted Beijing’s move to cut oil imports by about a quarter from prewar levels, boosting crude supply to global markets (link). These developments come as major producers and buyers adjust to shifting supply and demand.
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