U.S. President Donald Trump hosted a high-stakes summit at the White House on Friday, pitching Venezuela’s vast oil reserves to the heads of America's largest petroleum companies.
The meeting comes less than a week after the dramatic capture of President Nicolás Maduro by U.S. forces.
Addressing executives from ExxonMobil, Chevron, ConocoPhillips, and others, Trump made it clear that the United States intends to act as the primary gatekeeper for Venezuela's energy future.
He asserted that his administration, rather than any local authority in Caracas, would dictate which firms are granted access to the country's oil fields.
“We’re going to be making the decision as to which oil companies are going to go in... [we're] going to cut a deal with the companies,” Trump told the gathered CEOs.
Trump’s plan involves cutting the Venezuelan state—currently under an interim government led by Delcy Rodríguez—out of the loop, instructing U.S. majors to "deal with us directly" to rebuild the nation's crumbling infrastructure.
Despite the President's enthusiastic pitch and claims that companies are ready to invest "at least $100 billion," the reception from industry leaders was notably cautious.
ExxonMobil CEO Darren Woods was particularly blunt, reminding the administration of the industry's turbulent history in the region.
“We’ve had our assets seized there twice and so, you can imagine, to re-enter a third time would require some pretty significant changes,” Woods said.
He characterized the current legal and commercial frameworks in Venezuela as "uninvestable."
While a spokesperson for ConocoPhillips noted that CEO Ryan Lance appreciated the discussion on making Venezuela "investment ready," analysts warn that reviving the sector will not be a quick fix.
Years of underinvestment, crippling sanctions, and outdated machinery mean that boosting production by the "millions of barrels a day" Trump envisions could take years, if not decades.
The summit included heavyweights of the Trump administration, including Vice President JD Vance, Secretary of State Marco Rubio, and Energy Secretary Chris Wright.
Wright has previously stated that Washington intends to maintain control over the Venezuelan oil industry "indefinitely."
The President also took to social media to announce the cancellation of a planned "second wave" of military strikes on Venezuela, citing "cooperation" from the country following the initial U.S. intervention.
Trump’s focus on Venezuela—which holds roughly 20% of the world’s proven oil reserves—is central to his domestic agenda of drastically lowering U.S. fuel prices.
By bringing Venezuelan crude back into the global market under U.S. oversight, the administration hopes to create a massive supply surge.
However, energy analysts like Rich Collett-White of Carbon Tracker warn that "reserves on paper" do not always equal profit, especially given the heavy, sulfurous nature of Venezuelan crude which requires expensive refining.
As the White House claims a "deal" has been "sort of formed," the world waits to see if U.S. oil majors will truly risk a third foray into the volatile heart of South American energy.
