Exxon CEO says Venezuela needs to transition to democracy for oil investment to make sense

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ExxonMobil

CEO Darren Woods said Friday that Venezuela needs to transition to democracy in order for investment in the South American nation’s dilapidated oil industry to make sense.

President Donald Trump is pressuring oil companies to invest at least $100 billion in Venezuela to rebuild the country’s oil industry after the U.S. captured former President Nicolas Maduro on Jan. 3.

But Woods told Trump at the White House on Jan. 9 that Venezuela is “uninvestable” in its current state. The Exxon CEO’s blunt assessment angered the president who threatened to cut the oil major out of any future investment in the country.