Trump's Meeting on Venezuela Oil Yields Little Assurance for Investment

Sat Jan 10 2026 21:37:30 GMT+0200 (Eastern European Standard Time)

In a crucial meeting with oil executives, President Trump seeks to attract $100 billion in investments for Venezuela's oil sector, but analysts raise concerns over the country's current risk profile.

President Trump convened a meeting with major oil company executives, aiming to garner $100 billion in investments for Venezuela's oil industry. However, executives voiced skepticism about the willingness to invest due to the current instability in the country and the risks involved. ExxonMobil's CEO labeled Venezuela as 'un-investable', underscoring concerns over asset seizures and lack of security. While offers of future investments were made, analysts stress significant groundwork is needed before any substantial financial commitments can be expected.

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.

Chevron is the last remaining major American oil firm still operating in the country, while a handful of companies from other countries, including Spain's Repsol and Italy's Eni, both of whom were represented at the White House meeting.

Exxon and ConocoPhillips, which was also in attendance, have been fighting to recoup billions in dollars they say they are owed after the 2007 nationalization of their assets.

Trump has alluded to the issue repeatedly this week to justify his intervention, including on Friday, but he downplayed the chances of recovery in the meeting, echoing comments by other administration officials in recent years who said the repayment of those debts was not an immediate priority.

We're not going to go back, Trump said. He said his administration would work to strike a 'deal' with companies to bring his vision for reviving the industry to reality.

Despite the significant risks and complexities, the White House stated its desire to selectively roll back restrictions on Venezuela's oil trade in a bid to stabilize production, which has fallen drastically over the years.

This crucial meeting highlights the precarious balance of re-engaging with a country rich in oil resources yet fraught with investment challenges.

While Trump emphasized potential returns, analysts remain skeptical about any significant movement until the Venezuelan political landscape stabilizes.