US President Donald Trump is meeting top U.S. oil executives at the White House to discuss investment in Venezuela’s oil sector. Leaders from Chevron, Exxon, Shell, ConocoPhillips, and other major companies are attending, along with Secretary of State Marco Rubio and Energy Secretary Chris Wright.
The White House says talks will focus on restoring Venezuelan oil infrastructure. Trump has called for at least $100 billion in investments, claiming it could revive Venezuela’s economy and benefit U.S. energy firms and consumers.
The U.S. recently increased pressure on Venezuela through a new oil “quarantine,” including the seizure of a fifth tanker. Rubio said the strategy gives Washington “tremendous leverage” and allows the sale of sanctioned crude under U.S. control.
Chevron is the only major U.S. company currently operating in Venezuela. Analysts warn that political uncertainty, high costs, and a history of asset seizures could slow investment. Venezuelan crude is heavy and needs special refinery capabilities.
Experts estimate that rebuilding Venezuela’s oil system could cost $10 billion per year over the next decade. Companies also want assurance of a stable government and U.S. political support.
Trump suggested the U.S. may subsidize firms to accelerate reconstruction, claiming operations could expand in less than 18 months, though experts say the timeline is likely longer.
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