President Donald Trump, aboard Air Force One on Sunday, conveyed that he currently leans toward keeping ExxonMobil excluded from operations in Venezuela, following skeptical remarks by the company’s CEO regarding new oil investments post the toppling of former Venezuelan President Nicolás Maduro.
As he departed West Palm Beach, Florida, Trump addressed reporters, characterizing ExxonMobil’s reaction to potential Venezuelan engagements as overly cautious and indirectly critical. “I didn’t like Exxon’s response,” Trump said. “They’re playing too cute.”
The President’s comments followed a meeting held on Friday with leaders of oil firms, during which he sought to reassure them by noting that the companies would negotiate directly with the U.S. government rather than Venezuelan officials. This was part of broader efforts to encourage American energy businesses to participate in Venezuela’s oil sector as the country undergoes a significant political transition.
Nonetheless, some executives remain unconvinced by the proposition. Darren Woods, CEO of ExxonMobil — the largest American oil company — expressed doubts about the feasibility of investment given Venezuela’s current commercial environment. Woods described the nation as “uninvestable” under the existing frameworks and conditions.
On the same day as the meeting, President Trump signed an executive order designed to safeguard Venezuelan oil revenues from being appropriated through legal actions. The order, announced publicly on Saturday, highlighted concerns that if these funds were seized, it could jeopardize crucial U.S. initiatives aimed at fostering economic and political stability within Venezuela.
Venezuela’s track record includes episodes of state asset seizures, persistent U.S. sanctions, and decades marked by political turmoil, all factors contributing to the challenges faced by potential investors.
Efforts by the Trump administration to engage U.S. oil companies in Venezuela represent a strategic priority following Maduro’s removal, focusing on the reconstruction of the country’s oil infrastructure. The approach emphasizes economic control, as evidenced by recent actions such as the seizure of tankers transporting Venezuelan oil, the U.S. assumption of management over sales of tens of millions of barrels of sanctioned Venezuelan crude, and plans to maintain oversight of such sales globally on an ongoing basis.
According to the White House, these measures are part of broader economic mechanisms intended to substitute for direct Venezuelan state control amid the country’s uncertain political landscape.