Trump says he might keep Exxon out of Venezuela after CEO called it 'uninvestable'
Who benefits from this decision?
U.S. President Donald Trump said on Sunday that he might block Exxon Mobil (XOM.N), opens new tab from investing in Venezuela after the oil major's CEO called the country "uninvestable" during a White House meeting last week.
Exxon CEO Darren Woods told Trump that Venezuela would need to change its laws before it could be an attractive investment opportunity, during the high-profile meeting on Friday with at least 17 other oil executives.
Woods said that Exxon needed durable investment protections introduced and the country's hydrocarbons law also needed to be reformed.
"If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestable," he said.
Trump had urged the group to spend $100 billion to revitalize Venezuela's oil industry in a meeting less than a week after U.S. forces captured and removed Venezuelan President Nicolas Maduro from power in a brazen overnight raid.
Woods' skeptical remarks quickly emerged as 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 on Air Force One on his way back to Washington on Sunday. "I'll probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute."
Will Trump's punishment force Exxon to change their rhetoric? Or is getting iced out of negotiations not considered a loss since, as they said, the whole endeavor is uninvestable? How will other US oil companies react to seeing Exxon getting removed for their commentary?
Who benefits from this decision?
U.S. President Donald Trump said on Sunday that he might block Exxon Mobil (XOM.N), opens new tab from investing in Venezuela after the oil major's CEO called the country "uninvestable" during a White House meeting last week.
Exxon CEO Darren Woods told Trump that Venezuela would need to change its laws before it could be an attractive investment opportunity, during the high-profile meeting on Friday with at least 17 other oil executives.
Woods said that Exxon needed durable investment protections introduced and the country's hydrocarbons law also needed to be reformed.
"If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestable," he said.
Trump had urged the group to spend $100 billion to revitalize Venezuela's oil industry in a meeting less than a week after U.S. forces captured and removed Venezuelan President Nicolas Maduro from power in a brazen overnight raid.
Woods' skeptical remarks quickly emerged as 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 on Air Force One on his way back to Washington on Sunday. "I'll probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute."
Will Trump's punishment force Exxon to change their rhetoric? Or is getting iced out of negotiations not considered a loss since, as they said, the whole endeavor is uninvestable? How will other US oil companies react to seeing Exxon getting removed for their commentary?
Trump says he might keep Exxon out of Venezuela after CEO called it 'uninvestable'
Who benefits from this decision?
U.S. President Donald Trump said on Sunday that he might block Exxon Mobil (XOM.N), opens new tab from investing in Venezuela after the oil major's CEO called the country "uninvestable" during a White House meeting last week.
Exxon CEO Darren Woods told Trump that Venezuela would need to change its laws before it could be an attractive investment opportunity, during the high-profile meeting on Friday with at least 17 other oil executives.
Woods said that Exxon needed durable investment protections introduced and the country's hydrocarbons law also needed to be reformed.
"If we look at the legal and commercial constructs and frameworks in place today in Venezuela today, it's uninvestable," he said.
Trump had urged the group to spend $100 billion to revitalize Venezuela's oil industry in a meeting less than a week after U.S. forces captured and removed Venezuelan President Nicolas Maduro from power in a brazen overnight raid.
Woods' skeptical remarks quickly emerged as 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 on Air Force One on his way back to Washington on Sunday. "I'll probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute."
Will Trump's punishment force Exxon to change their rhetoric? Or is getting iced out of negotiations not considered a loss since, as they said, the whole endeavor is uninvestable? How will other US oil companies react to seeing Exxon getting removed for their commentary?
