President Donald Trump indicated he might exclude Exxon Mobil from future investments in Venezuela, following comments from CEO Darren Woods deeming the country "uninvestable." The statement, made Sunday to reporters, followed Woods' remarks at a White House event earlier this month. Trump, who has previously asserted that U.S. oil companies would invest $100 billion in Venezuela following President Nicolás Maduro's removal, expressed displeasure with Exxon's stance, accusing the company of "playing too cute."
The disagreement highlights a fundamental conflict between the Trump administration's objectives and the priorities of major U.S. oil companies. Trump favors low oil prices, while oil company leaders generally benefit from higher prices. The President's push for substantial investment clashes with the industry's focus on economizing, reducing risk, and prioritizing shareholder returns through dividends and share repurchases.
Vicki Hollub, the chief executive of Occidental Petroleum, echoed a cautious approach, stating, "We’re not going to aggressively put lots of extra barrels into an oversupplied market," during a securities event. This sentiment reflects the industry's broader concern about the potential impact of increased Venezuelan oil production on global oil prices, which currently trade around $80 per barrel for Brent crude.
The current impasse leaves the future of U.S. oil investment in Venezuela uncertain. Trump may explore incentives to encourage investment or consider punitive measures for companies that remain hesitant. The conflicting priorities of the administration and the oil industry will likely shape the next steps in this situation.
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