ExxonMobil CEO Darren Woods in a CNBC interview stood by comments on Venezuela's oil industry that angered President Donald Trump.

By Timothy Gardner and Marianna Parraga WASHINGTON, Jan 29 (Reuters) - The administration of President Donald Trump lifted some sanctions on Venezuela’s oil industry on Thursday to make it easier for U.

With its Gulf Coast refinery, the company has the crude oil processing capabilities to benefit from increased access to Venezuelan oil.

America has eased sanctions on Venezuela's oil sector. This follows reforms allowing American companies to re-enter the industry. Venezuela's acting president hailed the move as historic. The United States is now in charge of Venezuela's oil.

Part of the challenge for the Trump administration is that it is pushing oil companies back to Venezuela at a time when low oil prices have spurred many of them to pull back. In fact, global spending on oil and gas production and exploration is poised to fall about 15 percent this year, according to the research firm Bernstein.

Rebuilding Venezuela’s oil sector would be a long-cycle, capital-intensive process, not a rapid production restart.

Some 45 years ago, I worked for Oil Buyers’ Guide, a Lakewood-based publication that extensively covered world oil markets. Each summer, the company would invite scores of oil executives to come aboard the Miss Belmar vessel and cast lines for bluefish some 20 miles off the coast of Monmouth County.

Chevron said it sees a 50% increase in its current Venezuelan output over the next two years, while Exxon left Venezuela out of its official 2030 plans completely.