In the meantime, the Organization of the Petroleum Exporting Countries (OPEC) has declared its support for Venezuela over the re-possession of oil assets.

Mr Tillerson stated that, in the absence of any dialog with the Venezuelan government over compensation, ExxonMobil will have to seek arbitration, according to the Financial Times.

The news source reported that Venezuela could give ExxonMobil some of its foreign assets as compensation. According to Mr Tillerson, the Chalmette refinery in Louisiana, which Venezuela jointly owns with ExxonMobil, will be one of the sought after assets in case of a settlement.

ExxonMobil has previously obtained a court order to freeze $12 billion in Venezuelan assets as interim compensation for the expropriation of its properties in the country, reported the Financial Times.