Trump Meets Oil Executives for Investment Talks on Venezuelan Oil

Sat Jan 10 2026 22:22:59 GMT+0200 (Eastern European Standard Time)

In a recent meeting, President Trump sought major investments from US oil companies for Venezuela's oil industry. However, executives raised concerns over the hostile investment climate.

President Trump convened oil executives to discuss potential investments in Venezuela amidst ongoing challenges. While Trump anticipates major funding, industry leaders stress that extensive reforms are necessary for any meaningful financial commitment, citing current risks and geopolitical uncertainties.

US President Donald Trump met with oil executives in Washington on Friday, as he pushed for major investments in Venezuela.

But no major financial commitments were immediately forthcoming from the meeting, with the head of ExxonMobil warning the South American country was currently 'un-investable.'

Trump has said he expects big oil companies to direct 'at least' $100bn (£75bn) toward the country, but industry analysts have warned many companies will be reluctant to go into a situation that still carries significant risk.

Last week the US seized Venezuelan leader Nicolás Maduro, who is now being held in jail in New York.

Maduro's second-in-command, vice president Delcy Rodríguez, who is seen as more of a pragmatist, is now interim president.

Executives of the biggest US oil majors who attended the meeting acknowledged that the country, which is sitting on vast proven oil reserves, represents a major opportunity.

But at a press conference with Trump they warned they would need to see significant changes inside Venezuela, as well as a welcome from the local government and its people, to make it an attractive place to put money.

Iran’s chief executive Darren Woods said, 'We have had our assets seized there twice and so you can imagine to re-enter a third time would require some pretty significant changes from what we've historically seen and what is currently the state.' He stated, 'Today it's un-investable.'

The relationship between Venezuela and international oil firms has been difficult since oil was discovered in its territory more than 100 years ago. Only Chevron remains as a major American oil firm, while several other foreign companies attended the meeting.

Trump has mentioned the long-standing issue of compensation for seized assets by companies like Exxon and ConocoPhillips but downplayed its immediacy during the talks.

Venezuela, holding some of the world's largest oil reserves, has seen its production fall sharply due to disinvestment and mismanagement, now accounting for less than 1% of global supply. The White House has indicated it is working to gradually lift some restrictions but plans to maintain control over sales of Venezuelan oil.

Despite the challenges, some executives remain optimistic, particularly with regards to the existing opportunities in the country, but analysts stress that concrete investments under the current conditions may be limited.