US President Donald Trump has issued a threat to ExxonMobil, threatening to block the company from investing in Venezuela after its CEO described the country as "uninvestable." During a high-profile meeting with at least 17 other oil executives, Exxon's Darren Woods stated that Venezuela needed to reform its laws before it could become an attractive investment opportunity.
Trump expressed his disappointment with ExxonMobil's response, stating he might keep the company out of the country. He also warned that any firm playing "too cute" would face consequences. The comments from Trump come after a recent power grab in which US forces removed Venezuelan President Nicolás Maduro from power.
The tension stems from decades-long partnerships between major oil producers like ExxonMobil, ConocoPhillips, and Chevron with Venezuela's state-owned oil company PDVSA. Nationalization of the industry by late President Hugo Chávez led to significant disputes over expropriated assets, resulting in a debt of over $13 billion owed to ConocoPhillips and Exxon.
In response to Trump's comments, Woods emphasized that re-entering the Venezuelan market would require substantial changes to the country's investment environment. The CEO called for durable investment protections and reforms to Venezuela's hydrocarbons law. ConocoPhillips' Ryan Lance echoed similar sentiments, calling for a debt restructuring and overhaul of the entire energy system.
Trump has since stated his administration will decide which firms can operate in the South American country, emphasizing that US dealings are direct with them, not with Venezuela itself. He also signed an executive order blocking courts or creditors from seizing revenue tied to Venezuelan oil sales held in US Treasury accounts.
Trump expressed his disappointment with ExxonMobil's response, stating he might keep the company out of the country. He also warned that any firm playing "too cute" would face consequences. The comments from Trump come after a recent power grab in which US forces removed Venezuelan President Nicolás Maduro from power.
The tension stems from decades-long partnerships between major oil producers like ExxonMobil, ConocoPhillips, and Chevron with Venezuela's state-owned oil company PDVSA. Nationalization of the industry by late President Hugo Chávez led to significant disputes over expropriated assets, resulting in a debt of over $13 billion owed to ConocoPhillips and Exxon.
In response to Trump's comments, Woods emphasized that re-entering the Venezuelan market would require substantial changes to the country's investment environment. The CEO called for durable investment protections and reforms to Venezuela's hydrocarbons law. ConocoPhillips' Ryan Lance echoed similar sentiments, calling for a debt restructuring and overhaul of the entire energy system.
Trump has since stated his administration will decide which firms can operate in the South American country, emphasizing that US dealings are direct with them, not with Venezuela itself. He also signed an executive order blocking courts or creditors from seizing revenue tied to Venezuelan oil sales held in US Treasury accounts.
Trump's all about standing up for America's interests and ExxonMobil is just trying to make a buck. The dude's right, Venezuela needs to get its act together if it wants investors coming in. I mean, $13 billion in debt to ConocoPhillips is a big deal! 
It's not like Trump's being harsh or anything, he's just saying what needs to be said.
Trump's just looking out for his country, even if he doesn't always go about it in the best way.
so trump's all like "oh you think venezuela's uninvestable? well let me show you" right but what's really going on here is that the us wants its companies to get paid back for debts they incurred a long time ago, and now venezuela's all like "yeah sure, we'll just restructure our laws" sounds like a plan 
. conoco phillips and chevron are already saying they need debt restructuring, so it's not just exxon mobil being stubborn. but what's interesting is trump's move to block courts from seizing revenue, that's some pretty shady business 
. ultimately, this all feels like a game of tit for tat between the us and venezuela, with no clear winner in sight 
Trump is basically saying that if you can't invest in Venezuela because of its dodgy laws, then don't even bother trying... but what's the alternative? Just leave all those barrels of oil sitting there? It's a lose-lose situation. And now he's threatening to block companies from investing, like that's going to make any difference. He thinks PDVSA is just gonna magically transform into some kind of investor-friendly paradise overnight? Please. 
.
.
. I mean, I'm not saying Venezuela doesn't need help or reforming its laws and all that jazz... but forcing ExxonMobil to get in line is not gonna fix the country's problems 
.
. Trump's move might actually kinda backfire, though. I mean, if ExxonMobil decides to pull out, it could be a major blow to the country's already struggling economy 
.
. Maybe someone can explain to me why Trump is being so dramatic about it 
.
. I get where ConocoPhillips and Chevron are worried about their debt and all that, but can't Trump just try to negotiate a deal instead of making it personal? 
... I mean, can you believe the politics? It's like something straight out of a spy novel 
. Trump is all up in arms about ExxonMobil not wanting to invest in Venezuela because of some "laws" needing reform 
and things were a bit more chill between the US and Venezuela. I guess that's all water under the bridge now 
. Anyway, it's pretty clear that the US is trying to exert some control over what happens with Venezuelan oil 
The oil companies will play the game and try to get ahead, while Trump can just sit back and... well, tweet about it 
.
We're seeing how the lines of power get blurred in this case - the government trying to exert control over private companies, while those same companies are seeking reforms to become more attractive investors.
. Trump's going after ExxonMobil and other oil companies for saying the right thing? Like, come on, it's not like they're trying to stab Venezuela in the back. These guys have been investing there for decades, they know what they're talking about. And now Trump's threatening to block them just because they want some changes in Venezuela's laws? It's all so... dramatic 
. I get it, Venezuela needs to reform its investment environment and all that, but can't we just have a chill conversation about it instead of making threats? 
, so reforming laws won't be easy 
. Meanwhile, their debt to ConocoPhillips has been growing for decades 
They've got $13 billion of assets stuck in the country 
.
, not the US. This is because most of their debt is owed to Chinese companies 
just thinking about this is giving me anxiety 
it's not just about the companies, it's also about the people of Venezuela who are suffering because of all these power struggles.
and that the oil executives can find a way to make peace with each other. we need more positivity in the world, not less 