US President Donald Trump said that he may bar ExxonMobil from operating in Venezuela, criticising the oil giant after its leadership questioned the viability of investing in the country after the capture of former president Nicolas Maduro by US forces.
Speaking to reporters aboard Air Force One on Sunday as he departed West Palm Beach, Florida, Trump said he was unhappy with the company’s stance. “I didn’t like Exxon’s response,” he said. “They’re playing too cute.”
The remarks came days after Trump met oil executives on Friday in an effort to calm industry concerns about Venezuela. During the meeting, he told companies that any engagement would be handled directly with the United States rather than through the Venezuelan government. However, not all executives were reassured.
Darren Woods, chief executive of ExxonMobil, described the current situation in stark terms. “If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” he said.
On the same day, Trump also signed an executive order aimed at protecting Venezuelan oil revenues from being used in judicial proceedings. The order, released publicly on Saturday, warned that allowing such funds to be seized could “undermine critical US efforts to ensure economic and political stability in Venezuela.” The country has long faced state asset seizures, US sanctions and prolonged political uncertainty.
Securing investment from US oil companies to help rebuild Venezuela’s infrastructure has become a key objective of the Trump administration following Maduro’s capture.
The White House has presented the approach as an economic strategy, with Trump already having seized tankers transporting Venezuelan oil, announced that the US is taking control of the sale of 30 million to 50 million barrels of previously sanctioned crude, and stated plans to oversee those sales globally on an indefinite basis.
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