In a high-stakes White House meeting on January 9, 2026, President Donald Trump urged top U.S. oil executives to commit at least $100 billion in investments to revitalize Venezuela’s crumbling energy sector, following the U.S.-led ouster of former President Nicolás Maduro on January 3.31
Trump emphasized that the funds would come from private industry, not government coffers, and promised U.S. security guarantees to protect operations in the oil-rich nation now under acting President Delcy Rodríguez.
The president outlined ambitious plans, including personally deciding which American companies could enter Venezuela and rebuild its infrastructure. He stated that U.S. firms would deal directly with the American government rather than Venezuelan authorities, with selective rollbacks of sanctions to facilitate oil sales.Trump also revealed an agreement allowing the U.S. to refine and sell up to 50 million barrels of Venezuelan crude indefinitely, potentially even to buyers like China and Russia if necessary.To safeguard revenues, he signed an executive order blocking U.S. courts or creditors from seizing funds tied to Venezuelan oil sales held in American Treasury accounts.
However, the response from oil giants was cautious at best. ExxonMobil CEO Darren Woods bluntly described Venezuela as “uninvestable” in its current state, citing repeated past asset seizures and the need for sweeping reforms to legal frameworks, hydrocarbon laws, and investment protections. While Exxon offered to send a technical team for evaluation if guarantees are met, no firm commitments were made. ConocoPhillips CEO Ryan Lance echoed the call for major overhauls, including debt restructuring, banking reforms, and a revamp of state-owned PDVSA, while referencing a $12 billion loss from 2007 nationalizations—which Trump dismissed as a “good write-off.
Chevron, the only major U.S. firm still active in Venezuela through joint ventures, expressed optimism about ramping up production by 100% immediately and an additional 50% within 18-24 months, but stopped short of new financial pledges.Smaller independent drillers showed more enthusiasm, with one leader comparing the opportunity to “prime real estate.”Treasury Secretary Scott Bessent suggested the U.S. might turn to these smaller players if majors hesitate.
Tensions escalated post-meeting when Trump threatened to bar ExxonMobil from Venezuelan operations, stating he was “inclined” to keep them out after Woods’ skeptical remarks. Energy Secretary Chris Wright noted strong interest but stressed the necessity of a stable, rule-of-law environment to draw hundreds of billions in investments over the next decade.
This push comes amid Trump’s broader vision of lower global energy prices through Venezuelan oil resurgence, with the administration coordinating with interim leaders to seize sanctioned tankers and manage revenues securely.As Venezuela’s vast reserves—among the world’s largest—hang in the balance, the standoff highlights the challenges of balancing opportunity with risk in post-Maduro reconstruction.
Trump Demands $100B Oil Surge in Venezuela, But Exxon CEO Fires Back: ‘Uninvestable’!
