The Financial Post reports in its Wednesday edition that when Exxon Mobil chief executive officer Darren Woods told President Donald Trump on Friday that Venezuela is currently "uninvestable," he echoed warnings previously issued by oil industry leaders and analysts.
A Bloomberg dispatch to the Post reports that some of Mr. Woods's peers had tried to dissuade the White House from even holding the meeting, according to people familiar with the matter.
Mr. Trump is encouraging U.S. companies to invest $100-billion (U.S.) in rebuilding Venezuela's oil sector after Nicolas Maduro's capture, but executives are concerned about the challenging conditions and fear of being seen as opportunistically exploiting the country's vast oil reserves.
Mr. Woods not only attended the meeting of roughly 20 oil industry executives, he spoke his mind. But Mr. Trump did not appear to appreciate the candour. By Sunday evening, Mr. Trump was telling reporters he "didn't like" Mr. Woods's remarks and was inclined to keep Exxon out of Venezuela, saying, "They re playing too cute." Andrew Logan, director at the CERES climate advocacy non-profit, said, "Woods thought he was speaking the truth -- and he probably was -- but he didn't read the room."
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