Trump's Bold Oil Play: Exxon Banned from Venezuelan Ventures?

Trump hints at barring Exxon from Venezuelan investment after CEO Woods criticized the nation as 'uninvestable.' Following Maduro's ousting, Trump seeks $100 billion investment in Venezuela's oil industry. With Exxon and ConocoPhillips owed billions from past expropriations, significant legal reforms are demanded.

In a striking move on Sunday, President Donald Trump suggested he may prohibit Exxon Mobil from investing in Venezuela following critical remarks from Exxon's CEO, Darren Woods. Woods described the South American nation as 'uninvestable' during a high-stakes meeting at the White House last week.

The meeting, which featured 17 other oil executives, aimed to stimulate a $100 billion investment in revitalizing Venezuela's oil industry, soon after the dramatic removal of Venezuelan President Nicolas Maduro by U.S. forces. However, Woods' cautious stance overshadowed these ambitions, highlighting significant legal and political hurdles for potential investors.

Venezuela owes over $13 billion to ConocoPhillips and Exxon due to past industry nationalizations. Despite Trump's appeals to invest, Exxon called for durable legal reforms. On Saturday, Trump enacted an executive order preventing the seizure of Venezuelan oil revenues in U.S. accounts, cementing U.S. control over the financial aspect of this volatile geopolitical issue.