Rex Tillerson, ExxonMobil’s chief executive, on Wednesday maintained his hardline stance against nationalist pressure from oil-rich nations such as Venezuela and Russia in spite of Opec expressing support for Caracas’s taking back control of its oil assets.

Mr Tillerson, speaking at Exxon’s annual analyst meeting, said he had not seen Opec’s statement, so could not comment on it directly, but he said that in the absence of any conversation with Venezuela on working out fair compensation for the assets, Exxon had no choice but to pursue its right for arbitration.