Trump's Push for Venezuela Oil: Major Investments Still Uncertain

Sun Jan 11 2026 00:38:25 GMT+0200 (Eastern European Standard Time)

US President Donald Trump's meeting with oil executives reveals challenges in securing the anticipated $100 billion investment in Venezuela's oil industry.

During a meeting with oil executives, President Trump expressed optimism about large-scale investments in Venezuela, expecting a minimum of $100 billion. However, industry leaders highlighted significant risks and concerns over the country's investment climate, describing it as currently 'un-investable.' Despite Venezuela's vast oil reserves, executives noted that substantial changes would be necessary before any serious financial commitments could be made.

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.

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, Exxon's chief executive Darren Woods said. Today it's un-investable.

Venezuela has had a complicated relationship with international oil firms since oil was discovered in its territory more than 100 years ago.

Certain firms, like Chevron, are still operating in the country, while others, including Exxon and ConocoPhillips, continue to lobby for compensation for nationalized assets.

Trump has reiterated the need for change, emphasizing the importance of establishing a workable deal with these companies to revitalize the Venezuelan oil industry.

Despite the challenges, some executives remain optimistic that with the right conditions, investments could eventually flow into the sector, though they caution that significant political and economic changes are necessary to instill confidence.