executives

Caracas, January 9, 2026 (venezuelanalysis.com) – US President Donald Trump hosted executives from major Western energy corporations at the White House on Friday after touting a US $100 billion investment plan in Venezuela’s oil industry.

The Trump administration has moved to claim control over the Caribbean nation’s most important economic sector in the wake of the January 3 bombings and kidnapping of President Nicolás Maduro.

“We’re going to discuss how these great American companies can help rapidly rebuild Venezuela’s dilapidated oil industry and bring millions of barrels of oil production to benefit the United States, the people of Venezuela and the entire world,” the US president told reporters.

The meeting featured representatives from Chevron (USA), Shell (UK), Eni (Italy), Repsol (Spain) and 13 other energy and trading firms. Chevron has been the only major US company to maintain operations in Venezuela amidst US sanctions.

Trump added that the corporations would be “dealing” with the US directly and not with Venezuelan authorities. Multiple US officials in recent days have claimed that proceeds from crude sales will be deposited in accounts run by administration before being rerouted to Venezuela. Venezuelan state oil company PDVSA has confirmed “negotiations” to resume oil shipments to the US but has not commented on the rumored terms.

In his press conference, Trump said the White House would “devise a formula” to ensure that Caracas receives funds and corporations recover their investments while the US government would get any “leftover funds.” He added that Washington would offer the corporations “security guarantees” to operate in Venezuela.

Despite the Trump administration’s incentives, oil conglomerates have expressed reservations on committing to major investments in Venezuela.

Friday’s meeting at the White House also included executives from ExxonMobil and ConocoPhillips, two companies that refused to accept the new conditions from the former Chávez government’s oil reforms in the 2000s.

Both companies pursued international arbitration. ExxonMobil was compensated to the tune of $1.6 billion, significantly below its demands, while ConocoPhillips is looking to enforce awards totaling $12 billion. The Houston-headquartered enterprise will collect part of the debt via the forced auction of Venezuela’s US-based refiner CITGO.

ExxonMobil CEO Darren Woods stated that the company would need “significant changes” to Venezuela’s legal infrastructure before considering a return to the country.

In parallel to the White House gathering, India’s Reliance Industries, the country’s largest conglomerate, is reportedly seeking a US greenlight to resume purchases of Venezuelan crude. Reliance was a significant PDVSA customer before being driven away by US sanctions threats.

Venezuela’s oil sector, the country’s most important revenue source, remains heavily targeted by US unilateral coercive measures, including financial sanctions, an export embargo, and secondary sanctions.

Washington has maintained pressure on Caracas to impose oil conditions by enforcing a naval blockade and seizing tankers attempting to sail away with Venezuelan crude. On Friday, the US Navy seized the fifth tanker since early December, the Timor Leste-flagged Olina which had sailed from Venezuelan shores days ago as part of a flotilla attempting to break the US blockade.

Trump claimed that Venezuelan authorities assisted in the capture of the Olina tanker. According to the New York Times, US naval forces are chasing multiple tankers into the Atlantic, while others that left are reportedly heading back toward Venezuela.

Washington’s interest in controlling the Venezuelan oil industry has already seen the US Treasury Department issue sanctions waivers to global traders Vitol and Trafigura. The two companies were represented in the January 9 White House meeting.

Asked about Venezuelan Acting President Delcy Rodríguez, Trump said that the Venezuelan leader “seems to be an ally.” A US State Department delegation landed in Caracas on Friday to evaluate conditions for the reopening of the US embassy in the Venezuelan capital.

Amidst US official statements and diplomatic pressure, Venezuelan authorities have likewise sought meetings with some of its main allies, including Russia and China.

Rodríguez met with Chinese Ambassador Lan Hu Thursday, thanking Beijing for its condemnation of the US attacks and Maduro abduction. While US officials have pledged to reduce Chinese economic ties with Venezuela, Rodríguez stated in a recent broadcast that Caracas would maintain “diversity” in its economic and geopolitical relations.

Also on Thursday, Venezuelan Foreign Minister Yván Gil hosted Russian Ambassador Sergey Melik-Bagdasarov. Gil acknowledged Moscow’s support in the wake of the US January 3 attacks and expressed the two nations’ joint commitment to dialogue and sovereignty.

United States President Donald Trump has called on oil executives to rush back into Venezuela as the White House looks to quickly secure $100bn in investments to revive the country’s ability to fully tap into its expansive reserves of petroleum.

Trump, as he opened the meeting with oil industry executives on Friday, sought to assure them that they need not be sceptical of quickly investing in and, in some cases, returning to the South American country with a history of state asset seizures as well as ongoing US sanctions and the current political uncertainty.

“You have total safety,” Trump told the executives. “You’re dealing with us directly and not dealing with Venezuela at all. We don’t want you to deal with Venezuela.”

Trump added: “Our giant oil companies will be spending at least $100bn of their money, not the government’s money. They don’t need government money. But they need government protection.”

Trump welcomed the oil executives to the White House after US forces earlier on Friday seized their fifth tanker over the past month that has been linked to Venezuelan oil. The action reflected the determination of the US to fully control the exporting, refining and production of Venezuelan petroleum, a sign of the Trump administration’s plans for ongoing involvement in the sector as it seeks commitments from private companies.

“At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump said on Friday in a predawn social media post.

The White House said it invited oil executives from 17 companies, including Chevron, which still operates in Venezuela, as well as ExxonMobil and ConocoPhillips, which both had oil projects in the country that were lost as part of a 2007 nationalisation of private businesses under former President Nicolas Maduro’s predecessor, Hugo Chavez.

“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s un-investable,” said Darren Woods, ExxonMobil CEO. “And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections and there has to be change to the hydrocarbon laws in the country.”

Benjamin Radd, a senior fellow at the UCLA Burkle Center for International Relations, told Al Jazeera that he had “noted the hesitation and less-than-full-throated enthusiasm for re-entering the Venezuelan market”, citing Woods, who told the gathering that the company had its assets there seized twice already.

“The bottom line is that until Trump can outline and provide assurances of a plan towards political stability, it will continue to be a risky endeavour for these oil companies to re-engage Venezuela. And what is there is a regime change in Iran in the days or weeks or months to come, and all of a sudden that re-emerges as a place where Western oil companies can do business? Even though the reserves don’t equal what Venezuela has, the risk is far less, and the infrastructure is more sound,” Radd said.

Other companies invited included Halliburton, Valero, Marathon, Shell, Singapore-based Trafigura, Italy-based Eni and Spain-based Repsol, as well as a vast swath of domestic and international companies with interests ranging from construction to the commodity markets.

Wait and see

Large US oil companies have so far largely refrained from affirming investments in Venezuela, as contracts and guarantees need to be in place. Trump has suggested that the US would help to backstop any investments.

Venezuela’s oil production has slumped below one million barrels per day (bpd). Part of Trump’s challenge to turn that around will be to convince oil companies that his administration has a stable relationship with Venezuela’s interim President Delcy Rodriguez, as well as protections for companies entering the market.

While Rodriguez has publicly denounced Trump and the abduction and ouster of Maduro, the US president has said that to date, Venezuela’s interim leader has been cooperating behind the scenes with his administration.

Most companies are in a wait-and-see mode as they await terms from the Venezuelans, stability and wait to find out how much the US government will actually help, said Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security.

Those like Chevron that are already in there are in a better position to increase investments as they “already have sunk costs”, Ziemba pointed out.

Ziemba said she expects a partial ramp-up in the first half of this year as the volumes that were going to China – Venezuelan oil’s largest buyer – are redirected and sold via the US. “But long-term investments will be slow,” she said as companies wait to find out about US commitments and Venezuelan terms.

Tyson Slocum, director of the consumer advocacy group Public Citizen’s energy programme, criticised the gathering and called the US military’s removal of Maduro “violent imperialism”. Slocum added that Trump’s goal appears to be to “hand billionaires control over Venezuela’s oil”.

So far, the US government has not said how the revenue from the sale of Venezuelan oil will be shared and what percentage of the sales would be given to Caracas.

Ziemba said she was worried that “if funds do not go to Venezuela for basic goods, among other local needs, there will be instability that will deepen the country’s economic crisis“.

In the news conference on Friday, Trump said the US had a formula for distributing payments. UCLA’s Radd said that “if the US can or will guarantee security and stability, it makes sense for it to expect a return on investment in that sense. But then this makes it sound more like a mafia-style ‘racket’ than a government-led operation”, he told Al Jazeera.

Meanwhile, the US and Venezuelan governments said on Friday they were exploring the possibility of restoring diplomatic relations between the two countries, and a delegation from the Trump administration arrived in the South American nation on Friday.

WASHINGTON — President Trump is meeting with oil executives at the White House Friday in hopes of securing $100 billion in investments to revive Venezuela’s ability to fully tap into its expansive reserves of petroleum — a plan that rides on their comfort in making commitments in a country plagued by instability, inflation and uncertainty.

Since the U.S. military raid to capture former Venezuelan leader Nicolás Maduro on Saturday, Trump has quickly pivoted to portraying the move as a newfound economic opportunity for the U.S., seizing tankers carrying Venezuelan oil, saying the U.S. is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil and will be controlling sales worldwide indefinitely.

On Friday, U.S. forces seized their fifth tanker over the past month that has been linked to Venezuelan oil. The action reflected the determination of the U.S. to fully control the exporting, refining and production of Venezuelan petroleum, a sign of the Trump administration’s plans for ongoing involvement in the sector as it seeks commitments from private companies.

It’s all part of a broader push by Trump to keep gasoline prices low. At a time when many Americans are concerned about affordability, the incursion in Venezuela melds Trump’s assertive use of presidential powers with an optical spectacle meant to convince Americans that he can bring down energy prices.

The meeting, set for 2:30 p.m. EST, is currently set to occur behind closed doors, according to the president’s daily schedule. “At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump said Friday in a pre-dawn social media post.

Trump is set to meet with executives from 17 oil companies, according to the White House. Among the companies attending are Chevron, which still operates in Venezuela, and ExxonMobil and ConocoPhillips, which both had oil projects in the country that were lost as part of a 2007 nationalization of private businesses under Maduro’s predecessor, Hugo Chávez.

The president is meeting with a wide swath of domestic and international companies with interests ranging from construction to the commodity markets. Other companies slated to be at the meeting include Halliburton, Valero, Marathon, Shell, Singapore-based Trafigura, Italy-based Eni and Spain-based Repsol.

Large U.S. oil companies have so far largely refrained from affirming investments in Venezuela as contracts and guarantees need to be in place. Trump has suggested on social media that America would help to backstop any investments.

Venezuela’s oil production has slumped below one million barrels a day. Part of Trump’s challenge to turn that around will be to convince oil companies that his administration has a stable relationship with Venezuela’s interim President Delcy Rodríguez, as well as protections for companies entering the market.

Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum are slated to attend the oil executives meeting, according to the White House.

Boak writes for the Associated Press.