Trump Signals ExxonMobil Ban Over Venezuela Investment Doubts
Overview
President Trump expressed displeasure with ExxonMobil's assessment of Venezuela as "uninvestable." He suggested barring the oil giant from operating in the country, criticizing its leadership's stance. This follows a meeting aimed at encouraging U.S. oil company investment in Venezuela's rebuilding efforts, with Trump prioritizing direct engagement with companies over the Venezuelan government. An executive order was also issued to safeguard Venezuelan oil revenues.
Presidential Displeasure
President Donald Trump indicated he is considering barring ExxonMobil from its operations in Venezuela, citing dissatisfaction with the oil major's leadership calling the country "uninvestable."
'Uninvestable' Venezuela
Trump's remarks aboard Air Force One on Sunday followed a recent meeting with oil executives on Friday. He conveyed his unhappiness with ExxonMobil's stance, stating, "I didn't like Exxon's response. They're playing too cute."
The meeting was intended to address industry concerns about Venezuela and reassure companies that any future engagement would be directly managed by the U.S. government, not through the current Venezuelan administration.
Darren Woods, CEO of ExxonMobil, had previously described Venezuela's current commercial environment as "uninvestable" due to ongoing political uncertainty, state asset seizures, and U.S. sanctions.
Economic Strategy for Stability
On the same day as the meeting, Trump signed an executive order aimed at protecting Venezuelan oil revenues from being seized in legal proceedings. The White House stated this measure is crucial for maintaining U.S. efforts toward economic and political stability in the nation.
Securing investment from U.S. oil companies is a central objective for the Trump administration's strategy to help rebuild Venezuela's devastated infrastructure.
This development comes after previous actions, including seizing tankers carrying Venezuelan oil and taking control of the sale of sanctioned crude.
