Trump Threatens US Oil Giant Over Venezuela Criticism

The United States’⁤ approach ‍to Venezuela’s energy sector is undergoing a notable shift, as President⁢ Donald Trump ‍signaled a potential ⁣exclusion of ExxonMobil from upcoming revitalization plans.‌ This decision follows critical ⁢remarks made by ExxonMobil’s CEO, Darren⁤ Woods, regarding the ⁣investment climate in ‌the South ⁤American nation.

“I didn’t ⁢like⁣ Exxon’s answer,”⁤ Trump stated to a ‍group of‍ journalists while boarding air Force ⁢One ‌in West Palm Beach, Florida, on Sunday.”We have⁤ many ⁢others who want to⁢ be involved. I’m likely to leave exxon out. Their response wasn’t ‍favorable;‌ they’re playing⁢ it too smart.”

The disagreement surfaced during a ​meeting held Friday between Trump and leaders‌ from major global oil companies. While moast executives expressed support,‍ Woods voiced concerns, suggesting that Venezuela is not suitable for investments ⁢ given the current business and legal frameworks.

During the same meeting, Trump announced ⁤a proposed investment of at least $100⁢ billion of private capital – separate from goverment funds -​ to rebuild ⁣Venezuela’s infrastructure.⁤ This aspiring plan aims to revitalize the⁤ country’s struggling oil industry and broader economy.

Energy Secretary Chris Wright countered⁣ ExxonMobil’s assessment, describing it as an outlier. He ⁣asserted that at ⁣least a dozen ​ companies ⁢are prepared⁣ to re-enter Venezuela following recent military action led ‍by the U.S., which resulted in the capture of President Nicolás ⁤Maduro ⁢last week.

Wright, in an interview with Fox⁣ News, ⁤highlighted ⁤that U.S.​ oil companies Chevron and Shell, alongside Spanish firm Repsol and ⁤Italian ENI, are poised to immediately increase their investments in venezuela. Notably, ExxonMobil was not included in this list.

On Saturday,Trump declared a national emergency to‌ safeguard ⁤Venezuelan oil sales revenue held in ‌U.S. Treasury accounts. This measure is⁤ intended ⁢to prevent creditors from seizing funds⁢ owed to venezuela’s external debt.

The White House is framing its involvement in Venezuela as an economic undertaking. Trump has authorized the⁢ seizure of vessels carrying Venezuelan oil, asserted U.S. control over the sale of 30 to 50 million barrels of previously sanctioned Venezuelan crude, and ​plans to manage these⁢ sales globally indefinitely.

with information​ from agencies.

Did You Know? ⁢ Venezuela holds the world’s largest proven oil reserves, estimated at ‍303.8 ‍billion barrels ‌as of 2023, according to the Oil & Gas Journal. However,political instability and economic mismanagement have severely hampered production in recent years.

Pro Tip: When evaluating investment opportunities in politically sensitive ⁣regions, always conduct ⁣thorough⁤ due diligence, including ⁣legal, political, and economic risk ​assessments.Diversification is key to mitigating⁤ potential losses.