Oil prices soared on April 23, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand.
10-year deal will allow Australia to stockpile crude and eventually increase storage in the country.
The company has been in Venezuela for a century and was the only US major still operating there.
While it remains an option, administration says it doesn’t believe it will be necessary.
Official adds in pledges by G-20 and purchases into crude reserves.
Easing of Mexican crude output reduction puts country in US debt.
After four days of wrangling, OPEC, Russia and other oil-producing nations agreed to cut output by a record amount of 9.7 million bbl/d, representing around 10% of global supply.