Trump may keep ExxonMobil out of Venezuela after CEO calls it ‘uninvestable’

US President Donald Trump said he is “inclined” to keep ExxonMobil out of Venezuela’s post‑Maduro oil investment push after the company’s CEO described conditions in the South American nation as “uninvestable,” according to statements made aboard Air Force One.

Trump’s comments followed a White House meeting with oil industry executives, where ExxonMobil CEO Darren Woods said Venezuela lacks the legal and commercial frameworks needed to attract major investment under its current conditions.

He told Trump that significant reforms and durable investment protections would be necessary before Exxon could consider re‑entering the Venezuelan market.

“I didn’t like Exxon’s response,” Trump told reporters, adding that the company was “playing too cute” and suggesting he would favour other firms in the effort to rebuild Venezuela’s oil sector.

The administration’s broader Venezuela strategy includes protecting Venezuelan oil revenues held in US accounts from legal claims and encouraging US companies to invest in revitalising the country’s vast energy resources following the ouster of former president Nicolás Maduro.

Other executives present expressed caution about investing without strong legal and financial guarantees, underscoring the complexities facing Trump’s plan to lure major capital into Venezuela’s decimated oil industry.

With PTI inputs