Darren Woods, chairman and chief government 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. we’ve so many who need it. I would most likely be inclined to maintain Exxon out,” Trump instructed reporters on board Air Power 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 want 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 belongings in 2007, and Caracas owes the businesses billions of {dollars} in excellent claims from arbitration circumstances.
Woods mentioned the corporate would want 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 might be put in place,” Woods mentioned.
He added that Exxon was ready to ship a technical group to judge the present state of Venezuela’s oil trade and belongings.
$100 billion push
Trump has been pushing for U.S. oil firms to take a position at the least $100 billion in Venezuela’s power sector, pledging to assist 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 Power One on January 11, 2026 en route again to the White Home from Palm Seaside, Florida.
Samuel Corum | Getty Photographs Information | Getty Photographs
Requested by a reporter for readability on the kind of backstops and safety ensures that will be supplied to grease firms, Trump didn’t present particular particulars.
“We’re going to have ensures,” Trump mentioned. “They’d issues previously as a result of they didnt have Trump as a president,” he added.
U.S. oil corporations acknowledged that Venezuela, which boasts the world’s largest oil reserves, represents an intriguing alternative however some have expressed warning about speeding 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.
