Exxon and Chevron Expand in OPEC+ Countries Amid Trump's Assertive Foreign Policy
ByAinvest
Friday, Feb 6, 2026 4:54 pm ET1min read
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Exxon Mobil and Chevron are expanding production in OPEC+ countries, including risk-prone regions, thanks to Donald Trump's assertive foreign policy. The US companies are seeking opportunities in Venezuela, Iraq, Libya, Algeria, Azerbaijan, and Kazakhstan, despite previous restrictions. The US government's support gives Exxon and Chevron a competitive advantage over European oil majors. This expansion marks a shift in Trump's "energy dominance" agenda and will increase global oil supply until the 2040s. However, there are risks involved, as many oil majors have faced nationalization and failed to return to the region due to strict contract clauses.
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