Trump Urges U.S. Oil Giants to Invest in Venezuela, Faces Pushback
U.S. President Donald Trump said the United States could control more than half of global oil production if American companies are allowed to re-enter Venezuela's oil sector, according to a January 9 report by Russia Today. Speaking at the White House after meeting with senior executives from ExxonMobil, Chevron, ConocoPhillips and other leading oil companies, Trump stated that U.S. firms would work with Venezuela and help rebuild its energy industry.
Trump said American companies would have the opportunity to restore Venezuela's energy infrastructure and dramatically increase oil production. He claimed that combined U.S. and Venezuelan oil output would account for 55 percent of the world's supply. Following the meeting, Trump announced that U.S. companies would invest at least $100 billion in Venezuela's oil production. However, ExxonMobil CEO Darren Woods warned that Venezuela is not suitable for investment without regulatory reform and restructuring of the energy sector.
Although Venezuela's government has not confirmed whether U.S. firms will be allowed to return, acting President Delcy Rodríguez said earlier this week that Caracas remains open to cooperation on energy projects, including with the United States. At the same time, Venezuelan officials condemned Trump's plan, accusing Washington of attempting to seize national resources and calling the capture of Nicolás Maduro a serious violation of sovereignty. Maduro pleaded not guilty on January 5 to U.S. charges related to drug trafficking and weapons.
According to AFP, Trump urged U.S. oil executives on January 9 to invest in Venezuela's vast reserves, but received a cautious reaction, with one industry leader saying the country remains unsuitable for investment without comprehensive reforms. Trump reportedly told executives that following Maduro's forced control, it would be the U.S. government — not Venezuela — that decides which companies operate in the country, assuring firms they would now be 'completely safe' in a 'different Venezuela'.
Despite his assurances, ExxonMobil's Darren Woods remained skeptical, stressing that significant reforms are necessary before companies can justify returning. While some executives appeared slightly more open to exploring investment, analysts warned that Trump's push to revive Venezuela's oil sector rests on weak economic and strategic foundations.
The BBC quoted former U.S. State Department international energy envoy David Goldwyn as saying that companies appeared polite and supportive but were unwilling to commit serious capital. The Financial Times reported that the mixed messages from executives highlight the complex dilemma facing oil companies as they weigh investment in a volatile country where many firms previously suffered losses from nationalization.
The New York Times reported that some U.S. oil executives privately discussed whether federal financial guarantees could support expanded Venezuelan production. However, Trump ruled out major concessions, retroactive compensation, or taxpayer-backed subsidies, insisting that oil majors would spend 'at least $100 billion', but not with government funds. Trump also warned that if current firms are not interested, others are ready to take their place.
Experts caution that Venezuela's theoretical reserves do not guarantee rapid or profitable output. They cite aging infrastructure, political instability, the high cost of extracting heavy crude, and investor hesitation amid global efforts to reduce reliance on fossil fuels.