Donald Trump has urged major United States oil companies to pour as much as $100bn into Venezuela, pitching American-led investment as the cornerstone of his administration's strategy after the capture of President Nicolás Maduro earlier this month.
Speaking at the White House alongside executives from Exxon, Chevron and ConocoPhillips, Trump said United States firms could revive Venezuela's "rotting" oil infrastructure and dramatically boost output, promising lower energy prices at home and long-term control over the country's oil revenues.
<social>https://www.youtube.com/watch?v=Rvek3-qzecY</social>
Oil executives were cautious. Exxon described Venezuela as "currently uninvestable," citing past asset seizures and political risk, while Chevron and others signalled interest only if Washington can guarantee security, legal protections and financing support.
The push comes as the US continues seizing Venezuelan oil tankers to enforce its blockade, tightening its grip on exports while negotiating crude supplies for US refineries. Trump said Washington would oversee oil revenues indefinitely to curb corruption and trafficking.
Despite Venezuela holding the world's largest oil reserves, decades of underinvestment have slashed production to a fraction of historic levels, leaving investors torn between vast potential and deep political uncertainty.