Oil executives voice reservations about Trump’s $100 billion Venezuela plan

President Trump convened oil industry leaders at the White House to discuss taking charge of Venezuela’s oil industry, but several executives signalled deep reservations. At the highly staged meeting, Exxon Mobil chief Darren Woods said his company had its assets seized in Venezuela twice and called re-entering the country “uninvestable.” Trump has asserted that, in the days since U.S.

military forces entered Venezuela and captured Nicolás Maduro, the United States would run the country and its oil industry for years and aim to push oil prices down to $50 per barrel. He told reporters he expected “our giant oil companies” to spend “at least $100 billion of their money,” with the government providing protection; executives at the meeting reacted cautiously.

Harold Hamm said the plan “excites me as an explorationist” but noted Venezuela has “its challenges,” Ryan Lance pressed on $12 billion in claims and was told by Trump the administration was “not going to look at what people lost in the past,” and Mark Nelson’s remarks were followed by Trump saying, “If we make a deal, you will be there a long time.

If we don’t make a deal, you won’t be there at all.” The session was crowded with media figures including Tucker Carlson, whom the far-right activist Laura Loomer criticized. Mr.

Key Topics

Business, Donald Trump, Venezuela, Exxon Mobil, Conocophillips, Chevron