Trump says he may exclude Exxon from Venezuela oil rebuild push

12/01/2026 Argaam
Logo ofExxon Mobil

Logo of Exxon Mobil 

US President Donald Trump signaled he is inclined to exclude Exxon Mobil from his efforts to persuade major US oil companies to help rebuild Venezuela’s energy sector, expressing dissatisfaction with the company’s response to his initiative.

 

Speaking to reporters on Air Force One on Sunday evening as he returned to Washington from a weekend stay in Florida, Trump said: “I'd probably be inclined to keep Exxon out. I didn't like their response. They're playing too cute.”

 

Trump’s remarks referred to a White House meeting on Friday with around 20 senior oil industry executives, during which Exxon Mobil Chief Executive Darren Woods voiced some of the strongest reservations, describing Venezuela as uninvestable.

 

That stance has raised concerns over Trump’s ambitious plan, announced hours after the arrest of former Venezuelan president Nicolas Maduro, to persuade US oil companies to commit to rebuilding Venezuela’s energy sector.

 

Some estimates suggest reviving Venezuela’s oil industry, which has suffered years of underinvestment and mismanagement, would require about $100 billion and could take a decade.

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