On Friday, January 9, 2026, U.S. President Donald Trump invited top oil executives to the White House with a bold promise: secure at least $100 billion to rebuild Venezuela’s oil industry. He pitched quick, solid returns, but the room stayed mostly silent. 🛢️💸
Major U.S. oil companies were urged to jump in, yet CEOs largely held back. It wasn't a glowing “yes” moment—instead, it felt more like a shrug. 🤷
Exxon Mobil CEO Darren Woods didn’t mince words: “If we look at the legal and commercial constructs and frameworks in place today, in Venezuela today, it's uninvestible, and so significant changes have to be made to those commercial frameworks, the legal system.”
ConocoPhillips chief Ryan Lance added that his company still reels from a $12 billion hit after Venezuela nationalized its assets years ago. Those losses are hard to forget.
Chevron’s top official also kept it real, detailing the firm’s current joint-venture operations with Venezuela’s state oil company rather than talking expansion. Chevron remains the only U.S. oil giant currently working there.
Trump’s goal? Pick and choose which U.S. players can enter Venezuela and rebuild its energy infrastructure. U.S. Energy Secretary Chris Wright said the United States now controls Venezuela’s oil exports, pushing for reforms in Caracas.
Earlier on Friday, Trump posted on Truth Social that, “in coordination with the Interim Authorities of Venezuela, [we] seized an oil tanker which departed Venezuela without our approval.” It’s reportedly the fifth tanker seized. 🚢
Earlier this month, on January 3, U.S. military forces raided and seized Venezuelan President Nicolas Maduro and his wife. Since then, the administration has rebranded the move as an economic play—aiming to control Venezuela’s oil sales indefinitely and receive between 30 million and 50 million barrels of sanctioned oil.
With about 303 billion barrels in proven reserves—roughly 17% of the global total—Venezuela could be a game-changer in energy markets. But for now, U.S. execs remain on the sidelines, waiting for clearer rules before diving in. Stay tuned—this story is just getting started! ⚡
Reference(s):
Trump's Venezuela investment pitch falls flat with oil executives
cgtn.com
