President Trump meets oil executives after pledging $100 billion to revive Venezuela’s oil sector, with US control a key condition.
WASHINGTON: US President Donald Trump met with major oil company executives after announcing a $100 billion pledge to revive Venezuela’s oil industry.
The White House meeting followed the US seizure of Venezuelan President Nicolas Maduro, with Trump stating control of the country’s oil was central to his actions.
“We’re going to discuss how these great American companies can help rapidly rebuild Venezuela’s dilapidated oil industry,” Trump said to open the meeting.
Secretary of State Marco Rubio and Energy Secretary Chris Wright attended with representatives from Chevron, Exxon, and over a dozen other firms.
Trump said the government would decide which companies operate in Venezuela and guarantee their “total security.”
In a social media post, Trump claimed “at least 100 Billion Dollars will be invested by BIG OIL.”
The administration asserts it is running Venezuela, with Wright stating Washington will control the oil industry “indefinitely.”
Venezuelan interim President Delcy Rodriguez maintains her government is in charge, with the state oil firm only confirming negotiations with the US.
Trump also claimed he cancelled further strikes on Venezuela due to the country’s “cooperation.”
Chevron is currently the only US firm licensed to operate there, with ExxonMobil and ConocoPhillips having left in 2007.
Venezuela holds about a fifth of the world’s oil reserves but produced only around 1% of global output in 2024.
Years of underinvestment and sanctions have crippled its industry, which was once a major US supplier.
Trump views the reserves as key to lowering US fuel prices, but faces challenges convincing firms to invest.
Uncertainty over governance, security, and massive restoration costs are significant hurdles.
On Tuesday, Trump said Venezuela’s interim government would deliver up to 50 million barrels of oil to the US.
He stated the proceeds would be “controlled” by him personally.
Wright downplayed investment concerns, saying output could increase by several hundred thousand barrels daily in the short term.
He admitted, however, that restoring production to over three million barrels per day would require “tens of billions of dollars and significant time.”
Trump previously imposed an oil embargo on Venezuela during his first term to cripple its economy.
Upon his return, he ended most licenses for oil firms to operate there, except for Chevron.
Washington now says it is “selectively rolling back sanctions” to enable global sales of Venezuelan crude.
Venezuelan crude is viscous and difficult to refine.
The US Department of Energy plans to ship light oil to mix with it, making the refining process easier.
