Exxon Mobil Corp. (XOM) isn't backing down from Venezuela, even after getting called out by the President. The oil giant is moving forward with plans to assess the country's oil infrastructure, sending a clear signal that business considerations trump political pressure.

The Assessment Plan

According to a source familiar with the company's strategy, Exxon is preparing to dispatch a technical team to Venezuela within weeks. Their mission: evaluate oil infrastructure and other assets that have languished under years of mismanagement and underinvestment.

The timing is notable. This announcement came just a day after Trump said he "didn't like Exxon's response" and hinted the company might find itself shut out of U.S.-backed investment opportunities in Venezuela. Apparently, Exxon decided to proceed anyway.

Woods Lays Down Conditions

Here's the thing: Exxon CEO Darren Woods isn't being difficult for the sake of it. During a White House meeting last week with Trump and other oil executives, Woods spelled out what needs to happen before Exxon opens its checkbook. Venezuela needs legal reforms. It needs to protect foreign investments. These aren't unreasonable demands when you consider the history.

Woods did express optimism that the administration could help address Venezuela's challenges, but he's clearly not willing to rush in without assurances.

The caution makes sense. Exxon and ConocoPhillips (COP) both left Venezuela after the government nationalized the oil industry under former President Hugo Chavez. The companies are still owed more than $13 billion from arbitration claims. That's not the kind of experience that makes you eager to jump back in.

Meanwhile, Chevron Corp. (CVX) remains the only major U.S. oil company currently operating in the country, having managed to maintain its presence through the turbulent years.

Trading Houses Move Faster

While American oil majors deliberate, global trading houses Vitol and Trafigura have been moving quickly. Earlier this month, they led the pack in securing Venezuelan crude deals, demonstrating that international players are less hesitant than U.S. companies about jumping into this market.

Both received special licenses to export oil, with Trafigura preparing its first shipment. Washington and Caracas are also nearing a $2 billion deal to sell stranded crude to U.S. refiners.

The Political Backdrop

Trump signed an executive order protecting Venezuelan oil revenue sitting in U.S. Treasury accounts from court seizures, citing national security and foreign policy concerns. This move came after the U.S.-backed capture of Nicolás Maduro and his wife, both indicted on drug-trafficking charges.

The capture has reignited debate over Venezuela's potential return to global oil markets. Analysts expect increased supply, but energy strategist Jeff Krimmel warned that U.S. export restrictions would limit barrels for political purposes and accelerate the regionalization of oil trade.

In other words, while Venezuela's oil might be coming back online, don't expect it to flow freely everywhere. The politics are going to shape who gets access to those barrels.