Trump Comments on ExxonMobil’s Position in Venezuela
On a recent flight aboard Air Force One, President Trump shared his views on ExxonMobil’s stance regarding Venezuela’s struggling oil sector. He remarked that the company seems inclined to shy away from participating in efforts to revitalize the country’s industry, particularly following a blunt statement from ExxonMobil’s CEO, who called Venezuela “uninvestable.” This comment came despite the recent arrest of President Nicolás Maduro.
“I didn’t appreciate what Exxon was doing,” Trump mentioned. “They’re playing too cute,” he added, expressing his discontent with the company’s approach.
During a gathering of oil executives at the White House, ExxonMobil’s CEO Darren Woods provided a candid analysis of the situation in Venezuela, emphasizing that current commercial structures make investment there nearly impossible. Woods has steered the oil giant since early 2017 and his comments highlight the significant challenges ahead.
In the meeting, Trump pushed the idea that oil companies should engage with the U.S. government rather than Maduro’s transitional administration, which is led by his associate, Delcy Rodríguez.
Additionally, Trump signed an executive order aimed at safeguarding Venezuelan oil revenues from being claimed as compensation in legal cases. He informed ConocoPhillips CEO Ryan Lance that previous asset seizures from former President Hugo Chavez in 2007 are now just a “lost thing of the past.”
Currently, Chevron stands as the sole major U.S. oil player in Venezuela, with the company indicating it has the potential to boost production by an impressive 240,000 barrels daily.
Trump previously indicated his plans to manage the sale of 30 million to 50 million barrels of Venezuelan oil that had been under U.S. sanctions, thereby taking control of sales worldwide for an extended period.
“Venezuela is doing quite well. They’re cooperating effectively with leadership,” Trump noted, expressing a somewhat optimistic view. He also mentioned that Rodríguez had inquired about the possibility of accepting 50 million barrels of oil, to which he replied affirmatively, adding, “We are currently heading to the United States.”
