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Why big oil is not interested in Venezuela

By Damian Tobin, Lecturer in International Business, University College Cork

After the US captured Venezuela’s president at the start of 2026, Donald Trump promised to “unleash” the country’s oil supply. He wanted companies to invest US$100 billion (£74 billion) to get hold of it.

Big oil though, seems less than keen on that idea, appearing to consider Venezuela too expensive or risky. Exxon Mobil’s unenthusiastic response, describing Venezuela as “uninvestible”, even earned a personal rebuke…

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