Miffed by "Uninvestable" Remark, Trump May Keep Exxon Out of Venezuela

U.S. President Donald Trump said Sunday that he may block Exxon Mobil from investing in Venezuela after the oil major’s CEO called the country “uninvestable” during a recent White House meeting, Jarrett Renshaw reported for Reuters.

Exxon, ConocoPhillips, and Chevron — the three largest US oil producers — were for decades key partners of Venezuela’s state oil company PDVSA. (Photo: ExxonMobil) 

Exxon CEO Darren Woods told Trump that Venezuela would need to change its laws before it could become an attractive investment destination during the high-profile meeting with at least 17 other oil executives.

Trump had urged the group to spend $100 billion to revitalize Venezuela’s oil industry in a meeting held less than a week after US forces removed Venezuelan President Nicolás Maduro from power in a brazen overnight raid, Sheila Dang also reported for Reuters.

Woods’ skeptical remarks quickly became the dominant headline, undercutting the White House’s hopes of building momentum from its engagement with the world’s most prominent oil executives.

“I didn’t like Exxon’s response,” Trump told reporters aboard Air Force One on his return to Washington on Sunday. “I’ll probably be inclined to keep Exxon out. I didn’t like their response. They’re playing too cute.”

While Trump has sought to project control over Venezuela, it remains unclear how he intends to raise revenue from the oil resources of a sovereign country with its own government.

Exxon, ConocoPhillips, and Chevron — the three largest US oil producers — were for decades key partners of Venezuela’s state oil company PDVSA. Only Chevron remained after late President Hugo Chávez nationalized the industry between 2004 and 2007 to secure a greater share of oil revenues.