‘Uninvestable’: Trump pitch to oil execs yields no promises
21h 15m ago by lemmy.world/u/MicroWave in politics from www.politico.com
The CEOs heaped praise on the president’s actions in Venezuela but made no firm commitments to put money into restoring the country’s oil production.
The lack of firm pledges from the heads of the companies such as Exxon Mobil, Chevron and ConocoPhillips that Trump summoned to the White House raised doubts about the president’s claim that U.S. oil producers were ready to spend $100 billion or more to rebuild Venezuela’s crude oil infrastructure.
The country boasts the world’s largest oil reserves, but its production has cratered since the regime pushed most of those companies out decades ago.
Exxon CEO Darren Woods offered the starkest assessment, telling Trump in the live-streamed meeting in the East Room that Venezuela is “uninvestable” under current conditions. He said major changes were needed before his company would return to the country, and that big questions remain about what return Exxon could expect from any investments.