Oil Firms Hesitant as Trump Pushes $100B Investment in Venezuela

U.S. President Donald Trump has urged major oil companies to invest at least US$100 billion in Venezuela’s oil industry following the U.S. capture of President Nicolás Maduro. But executives from leading American oil firms say the country remains too risky for major investment.

Speaking at a White House meeting with top energy executives, Trump said the United States would move to expand oil production in Venezuela, arguing that increased supply could help lower global energy prices.

“One of the things the United States gets out of this will be even lower energy prices,” Trump said.

Industry leaders, however, expressed caution. Exxon CEO Darren Woods described Venezuela as “uninvestable, noting the company has had its assets seized there twice before. “To re-enter a third time would require some pretty significant changes,” he said.

Chevron remains the only major U.S. oil company still operating in Venezuela, alongside a handful of foreign firms.

Trump went further, saying his administration would decide which companies are allowed to operate. “You’re dealing with us directly. You’re not dealing with Venezuela at all,” he said.

At the same time, the White House said it has begun selectively easing sanctions while also seizing Venezuelan oil tankers and placing oil revenues in US-controlled accounts, a strategy officials say is intended to maintain leverage over the interim government led by Vice President Delcy Rodríguez.