Trump Pushes U.S. Oil Giants to Invest in Venezuela’s "Rotting" Energy Sector

World 09:34 AM - 2026-01-10

US President Donald Trump addresses the press on 3 January following US military action in Venezuela.

U.S. President Donald Trump has urged major American oil companies to invest in restoring Venezuela’s heavily degraded oil industry, describing it as a historic business opportunity and a potential strategic asset for the United States.

In a high-profile White House meeting on 9 January 2026, Trump met with senior executives from leading oil firms — including ExxonMobil, Chevron, and ConocoPhillips — along with energy traders and service companies — to discuss potential investment of up to $100 billion in Venezuela’s energy infrastructure.

“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump said at the opening of the session. He added that the U.S. would decide which firms would be permitted to enter the Venezuelan market.

The initiative forms part of a broader U.S. strategy after the recent capture of Venezuelan President Nicolás Maduro by American forces. The aim, Trump says, is to boost oil output, help drive down U.S. energy prices, and secure long-term supplies of crude.

Mixed Industry Response

While some executives expressed interest under the right conditions, others warned of significant obstacles. ExxonMobil’s chief executive, Darren Woods, described Venezuela as “uninvestable” without meaningful legal and commercial reforms, citing past asset seizures and political volatility as key concerns.

Chevron — the only major U.S. oil company still operating in Venezuela — has signalled a willingness to invest further, while trading houses and smaller firms also participated in the talks, underscoring broad industry interest in the country’s vast oil reserves.

The meeting included not only producers but also refiners, traders, and service companies, reflecting the extensive scale of potential involvement by the private sector.

Strategic and Political Implications

Venezuela boasts some of the world’s largest proven oil reserves, but decades of under-investment and years of economic turmoil have reduced its output to a fraction of former levels. Reviving the sector would require substantial financing and political stability.

Trump has linked the oil push to U.S. national interests, suggesting that controlling Venezuelan crude supplies and influencing production could strengthen American energy security. However, critics warn that the plan raises geopolitical and ethical questions, given Venezuela’s ongoing internal tensions and the means by which recent leadership changes occurred.

Sources: Reuters 



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