Trump Mulls Blocking ExxonMobil From Venezuela After CEO Calls Country ‘Uninvestable’
Aboard Air Force One. President Donald Trump said Sunday he is “inclined” to keep ExxonMobil out of Venezuela after the company’s top executive voiced skepticism about investing in the country following the toppling of former President Nicolás Maduro.
“I didn’t like Exxon’s response,” Trump told reporters aboard Air Force One as he departed West Palm Beach, Florida. “They’re playing too cute.”
During a meeting on Friday with oil executives, Trump sought to ease industry concerns, telling companies they would deal directly with the US government rather than Venezuelan authorities.
Some executives, however, remained unconvinced.
“If we look at the commercial constructs and frameworks in place in Venezuela today, it’s uninvestable,” said Darren Woods, chief executive of ExxonMobil, the largest U.S. oil company.
An ExxonMobil spokesperson did not immediately respond to a request for comment Sunday.
Also on Friday, Trump signed an executive order aimed at protecting Venezuelan oil revenue from being seized in judicial proceedings. The order, made public Saturday, warns that such seizures could “undermine critical US efforts to ensure economic and political stability in Venezuela.”
Venezuela has a long history of state asset seizures, US sanctions, and political instability.
Securing US oil investment to help rebuild Venezuela’s infrastructure has become a top priority for the Trump administration following Maduro’s capture.
The White House has framed its approach to Venezuela largely in economic terms. Trump has seized tankers carrying Venezuelan oil, said the US is taking over sales of 30 million to 50 million barrels of previously sanctioned crude, and indicated plans to control those sales globally for the foreseeable future.
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