Western oil companies closely follow Venezuela development agreements.

Amid the focus on the Middle East situation in the global oil market, Western oil giants are extending their reach further into Venezuela. Reuters reported on the 10th that international oil giants ExxonMobil and Shell are accelerating negotiations with Venezuela to reach agreements for extraction, allowing the two companies to increase production in the country's oil-rich regions. According to Fox News, this move marks a significant shift in Venezuela's energy industry. If these deals are ultimately reached, they will be the first major investments in the country's energy sector since the political situation in Venezuela changed earlier this year. Reuters reports that ExxonMobil has reached a preliminary agreement with Venezuela's energy sector to expand the country's energy joint venture project Petropiar. In addition, the Shell Group is also in talks with the Venezuelan government to develop oil fields in the eastern region of Venezuela. Last week, Shell signed a preliminary oil and gas agreement with Venezuela.