Trump Urges Oil Executives to Invest in Venezuela Amid Caution

President Donald Trump convened a meeting with executives from major oil companies, including ExxonMobil, Chevron, and ConocoPhillips, to discuss potential investments in Venezuela's oil industry following the recent ousting of President Nicolás Maduro. Trump emphasized the opportunity to rebuild Venezuela's oil infrastructure and projected that U.S. companies would invest at least $100 billion.

During the meeting, ExxonMobil CEO Darren Woods described Venezuela as "uninvestable" without significant legal and commercial reforms. He highlighted the need for durable investment protections and a comprehensive overhaul of the country's oil production laws.

Chevron, the only U.S. oil major currently operating in Venezuela, expressed a commitment to increasing production under the right conditions. Vice-Chair Mark Nelson stated that the company is prepared to double its output from existing joint ventures immediately.

ConocoPhillips CEO Ryan Lance noted that the company is Venezuela's largest non-sovereign creditor, with the country owing $12 billion. He emphasized the need to address these debts before considering new investments.

President Trump assured the executives of "total safety, total security" for their investments and indicated that the U.S. government would oversee the sales of Venezuelan oil to ensure proceeds benefit both Venezuelan and American citizens.

Despite the president's assurances, industry analysts remain skeptical about immediate large-scale investments due to Venezuela's political instability and the need for substantial legal and infrastructural reforms. Experts suggest that while smaller companies might be more willing to invest, major oil firms are likely to wait for a more stable environment before committing significant resources.