Trump signals plans for ExxonMobil in Venezuela after White House meeting

President Donald The President said Sunday that he is “inclined” to keep ExxonMobil out of Venezuela after its top executive was skeptical about oil investment efforts in the country after the toppling of former President Nicolás Maduro.

“I didn’t like Exxon’s response,” The President said to reporters on Air Force One as he departed West Palm Beach, Florida. “They’re playing too cute.”

During a meeting Friday with oil executives, The President tried to assuage the concerns of the companies and said they would be dealing directly with the U.S., rather than the Venezuelan government.

Some, however, weren’t convinced.

“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s uninvestable,” said Darren Woods, CEO of ExxonMobil, the largest U.S. oil company.

An ExxonMobil spokesperson did not immediately respond Sunday to a request for comment.

Also on Friday, The President signed an executive order that seeks to ensure that Venezuelan oil revenue remains protected from being used in judicial proceedings.

The executive order, made public on Saturday, says that if the funds were to be seized for such use, it could “undermine critical U.S. efforts to ensure economic and political stability in Venezuela.” Venezuela has a history of state asset seizures, ongoing U.S. sanctions and decades of political uncertainty.

Getting U.S. oil companies to invest in Venezuela and help rebuild the country’s infrastructure is a top priority of the The President administration after Maduro’s capture.

The White House is framing the effort to “run” Venezuela in economic terms, and The President has seized tankers carrying Venezuelan oil, has said the U.S. is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, and plans to control sales worldwide indefinitely.

Kim reported from West Palm Beach, Florida.

—Seung Min Kim and Julia Nikhinson, Associated Press

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