President Trump is framing the deal for a US stake in 65 billion barrels of Venezuelan oil as a victory that will lower gasoline prices and replenish depleted crude reserves, but it's far from certain the plan will lead to either during his presidency, if at all. Trump pushed for the blockbuster move after growing frustrated that private oil companies, including ExxonMobil Holdings Corp. and ConocoPhillips, weren't moving quickly enough to boost production in Venezuela, according to people familiar with the matter. By starting a new venture directly controlled by the US, his administration is seeking to give producers more confidence to commit to developing the 17 oil fields involved in the deal.
ConocoPhillipsMentioned as one of the private companies that weren't moving fast enough, but the deal's impact on ConocoPhillips is unclear.
Exxon Mobil CorpMentioned as one of the private companies that weren't moving fast enough, but the deal's impact on Exxon is unclear.
