Darren Woods, chairman and chief govt officer Exxon Mobil Corp., throughout a gathering with oil executives within the East Room of the White Home in Washington, DC, US, on Friday, Jan. 9, 2026.
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U.S. President Donald Trump threatened to sideline Exxon Mobil from Venezuela’s power market, saying he did not like their response to his requires oil firms to shortly re-enter the South American nation.
“I did not like Exxon’s response. You realize we’ve so many who need it. I might in all probability be inclined to maintain Exxon out,” Trump informed reporters on board Air Drive One on Sunday.
“They’re taking part in too cute,” he added.
His feedback come shortly after Exxon CEO Darren Woods made headlines for saying at a White Home assembly with Trump that the Venezuelan market is “uninvestable” in its present state.
An Exxon spokesperson didn’t instantly reply to a request for remark. Shares have been final seen 1.1% decrease in premarket commerce on Monday.
Talking alongside a number of different American oil executives on Friday, Woods mentioned Exxon would wish to see “some fairly important adjustments” if it was to re-enter the nation for a 3rd time.
Venezuela seized Exxon’s and ConocoPhillips‘s property in 2007, and Caracas owes the businesses billions of {dollars} in excellent claims from arbitration instances.
Woods mentioned the corporate would wish to see adjustments to industrial frameworks, the authorized system and hydrocarbon legal guidelines, alongside what he described as “sturdy” funding protections.
“We’re assured that with this administration and President Trump working hand‑in‑hand with the Venezuelan authorities that these adjustments could be put in place,” Woods mentioned.
He added that Exxon was ready to ship a technical crew to guage the present state of Venezuela’s oil trade and property.
$100 billion push
Trump has been pushing for U.S. oil firms to take a position a minimum of $100 billion in Venezuela’s power sector, pledging to help them with authorities safety help.
The decision follows an audacious U.S. army operation in Venezuela on Jan. 3 to depose Venezuelan President Nicolas Maduro and his spouse, Cilia Flores.
U.S. President Donald Trump takes questions from the members of the press aboard Air Drive One on January 11, 2026 en route again to the White Home from Palm Seaside, Florida.
Samuel Corum | Getty Photos Information | Getty Photos
Requested by a reporter for readability on the kind of backstops and safety ensures that will be offered to grease firms, Trump didn’t present particular particulars.
“We’re going to have ensures,” Trump mentioned. “That they had issues prior to now as a result of they did not have Trump as a president,” he added.
U.S. oil companies acknowledged that Venezuela, which boasts the world’s largest oil reserves, represents an intriguing alternative however some have expressed warning about dashing in to re-enter.
Chevron is at present the one main American oil agency nonetheless working in Venezuela.
— CNBC’s Spencer Kimball contributed to this report.
