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News > Venezuela

ExxonMobil Shares Fall for the Third Day in a Row

  • The graffiti reads,

    The graffiti reads, "The Essequibo is ours." | Photo: X/ @NAMOR_KENAV

Published 8 December 2023

The fall took place after Venezuelan announcements on the defense of the Guayana Esequiba territory.

On Friday, Venezuelan Vice President Delcy Rodríguez drew attention to the three consecutive days of decline in the value of ExxonMobil shares on the New York Stock Exchange.


The Empire Aims to Deprive Us of Our Land: President Maduro

At the close of trading on Wall Street, the shares of this oil multinational were trading at US$100,44 on Tuesday, at US$99.11 on Wednesday, and at US$98.42 on Thursday.

Currently, ExxonMobil is attempting to illegally exploit oil and gas fields in a maritime area pending delimitation near the Guayana Esequiba, a territory that the United States and the United Kingdom stripped from Venezuela through the 1899 Paris Arbitral Award.

Despite being an area pending delimitation, the Government of Guyana granted oil concessions to the U.S.-based transnational company and other energy multinationals.

VP Delcy Rodriguez's text reads, "I will be brief: Exxon Mobil shares continue to fall for the third consecutive day on the New York Stock Exchange."

On Dec. 3, in a message of unity and determination to defend the Venezuelan sovereignty, over 10 million citizens voted in favor of the YES in the Essequibo consultative referendum.

After this democratic process, Venezuelan President Nicolas Maduro presented a bill for the defense of the Guayana Esequiba to the National Assembly. Approved in the first discussion, this bill includes measures to advance the peaceful resolution of the territorial dispute.

"Respect international law, respect law, respect good neighborliness, and respect coexistence," the Bolivarian leader said, giving energy companies three months to leave the area pending delimitation.

Maduro also reminded Guyanese authorities that the resolution of the dispute must be carried out through political-diplomatic means as stipulated in the 1966 Geneva Agreement.

"We are willing to negotiate. Peacefully, everything. With force, nothing," he stated, reaffirming the Venezuelan foreign policy that has been based on the "Peace Diplomacy" principle.

According to economist Alejandro Moncada, the value of ExxonMobil shares is falling because international markets have recognized Venezuela's firm stance regarding the defense of the Guayana Esequiba.

"I think they will think it over very carefully," he said, referring to international investors trading with shares of energy companies.

"Venezuela has not only the legitimate right but also the support of major countries like China, Russia, Turkey, or Belarus... Venezuela is not alone; it has people to defend it," Moncada emphasized to explain recent stock market behavior.

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