Venezuela's Oil Riches Remain Elusive as Trump Seeks Billions in Assets

A major investment hurdle lies ahead for President Donald Trump’s plan to seize Venezuelan oil reserves worth up to $100 billion. ExxonMobil CEO Darren Woods has cautioned that Venezuela is “uninvestable” due to the high risks associated with operating in a country plagued by corruption, mismanagement, and hyperinflation. Woods’ comments come amid concerns over US companies’ assets being seized by the Venezuelan government under the nationalized oil industry. In 2019, ExxonMobil had its assets frozen by the Maduro regime after discovering significant oil reserves off Venezuela’s coast. The company’s assets were eventually released in 2020 after the US and other countries lifted sanctions. Trump’s proposal to seize Venezuela’s oil assets has sparked skepticism among investors, with many viewing it as a highly complex and contentious process. The Venezuelan government, under President Nicolas Maduro, has long been wary of foreign intervention in its economy and has taken steps to nationalize key sectors, including the oil industry. The US government’s efforts to tap into Venezuela’s vast oil reserves may face significant resistance from lawmakers, human rights groups, and even some of Trump’s own advisors. The prospect of seizing billions of dollars worth of assets in a country with a disputed leadership raises concerns about potential humanitarian fallout and the impact on the Venezuelan people. As the US continues to weigh its options for Venezuela’s oil resources, oil executives like Woods are sounding a clear warning: investing in the country is a high-risk proposition that could yield significant rewards – but only if investors can stomach the uncertainty and volatility.