WASHINGTON: President Donald Trump said on Friday that the United States will decide which oil companies are permitted to invest in Venezuela’s oil industry as part of efforts to reopen the country’s beleaguered energy sector. Trump made the remarks after a White House meeting with executives from major oil firms, where he pushed for up to $100 billion in private investment to revive Venezuelan crude production.
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“We’re going to discuss how these great American companies can help rapidly rebuild Venezuela’s dilapidated oil industry,” Trump said, emphasising that the projects would benefit the United States, Venezuela and global markets. The president said his administration would guarantee “total security” for participating companies and choose which firms would operate in the South American nation.
The meeting included leaders from Chevron, ExxonMobil, ConocoPhillips and other energy companies, alongside top US officials including Secretary of State Marco Rubio and Energy Secretary Chris Wright. Chevron, the only major US company currently licensed to operate in Venezuela, indicated potential support, while executives from other firms voiced caution about re‑entering the country without major legal and commercial reforms.
Trump said a second wave of military strikes on Venezuela was called off due to “cooperation” from Venezuelan authorities following their ouster of former President Nicolás Maduro. He and his administration have repeatedly said the US would exert long‑term influence over Venezuela’s oil resources, with Washington effectively controlling marketing and overseeing investments.
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Despite the US government’s proactive stance, some industry leaders described Venezuela as “uninvestable” under current legal and commercial conditions unless significant changes are made. The push for investment comes amid broader geopolitical tensions and questions over the future of Venezuela’s vast crude reserves.