Trump's Push for Venezuela's Oil Faces Industry Skepticism

Sun Jan 11 2026 01:53:50 GMT+0200 (Eastern European Standard Time)

During a recent meeting with oil executives, US President Donald Trump urged major investments in Venezuela's oil sector. However, executives expressed concerns over the country's current investment climate.

President Trump met with oil executives to discuss potential investments in Venezuela, aiming for commitments of at least $100 billion. However, concerns about the country's instability and the current business environment led to skepticism among industry leaders, with warnings about the risks of re-entering a complex market. Complications arising from recent political events and ongoing US sanctions add to the uncertainty surrounding future investments.

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 are still operating, but a general wariness prevails. Companies like Chevron and Repsol are still involved, yet major US players remain cautious.

The White House has indicated it is working to selectively roll back restrictions related to the Venezuelan oil sector but aims to maintain control over sales of oil, particularly given the recent seizures of oil tankers.

While the potential for investment exists, analysts suggest that political stability and a favorable business environment are essential prerequisites for any significant financial commitments from large oil companies.

Overall, while Trump's push for a major influx of investment may signal optimism, the reality reflects a more complex landscape in which structural and safety concerns are paramount.