US President Donald Trump criticized ExxonMobil and threatened to bar its investments in Venezuela after the company's CEO called the country unviable for investment. The remarks followed a White House meeting aimed at securing $100 billion in private investments to rebuild Venezuela's oil sector. Despite initial skepticism, Exxon plans to send a technical team to the country soon.
On January 9, 2026, executives from major Western oil companies met at the White House with Donald Trump to discuss investments in Venezuela. The goal is to attract at least $100 billion to revitalize the country's oil sector, whose output has fallen below 1 million barrels per day due to mismanagement, corruption, and US sanctions.
Most executives expressed optimism, but ExxonMobil CEO Darren Woods took a skeptical stance. "We've had our assets expropriated there twice, so you can imagine, to re-enter a third time, there would need to be quite significant changes," Woods said. He stated that, under current legal and commercial structures, Venezuela is "unviable for investment".
Trump reacted negatively. On January 11, aboard Air Force One, he told reporters: "I didn't like Exxon's response... I'd probably be inclined to keep Exxon out. I didn't like their response. They're being too clever." When asked about guarantees for the companies, Trump replied: "They'll be safe, there won't be a problem... They had problems in the past because they didn't have Trump as president".
Under pressure, Woods said Exxon would send a technical team to Venezuela in the coming weeks to assess conditions and expressed confidence that the necessary changes "can be implemented." Chevron, the only US company operating there, indicated it could boost production by 50% in the next 18 to 24 months, starting from 240,000 barrels per day.
This meeting took place less than a week after Trump launched an operation to capture Venezuelan leader Nicolás Maduro and take control of the country's natural resources, aiming to revive the Venezuelan economy and benefit the United States.
