Trump Seeks “Deal” With U.S. Oil Majors on Venezuelan Oil Access, Firms Wary
President Trump courted major U.S. oil companies at a White House meeting last week, pitching a plan to reopen Venezuela’s vast oil industry to American capital but executives signaled only tepid interest amid deep reservations.
The stakes are high: Trump said his administration wants to cut a deal determining which companies will be allowed to produce Venezuelan oil, a resource he says could bolster U.S. energy supplies and economic leverage.
Several executives expressed cautious interest in studying opportunities in Venezuela, but U.S. firms made clear they need legal guarantees and security reforms before committing large-scale investment.
According to Reuters reporting, Chevron sees a pathway to significantly expand production, while other majors like ExxonMobil remain guarded, insisting that Venezuela’s commercial and legal frameworks be reformed to protect investment.
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This uncertain reception complicates Trump’s broader push: global commodity traders such as Vitol and Trafigura are already moving to sell Venezuelan crude under government licenses, potentially outpacing U.S. oil majors in securing early deals.
“We’re going to be making the decision as to which oil companies are going to go in — that we’re going to allow to go in,” Trump said, underscoring his hands-on approach.
If companies demand legal protections and reforms, the timeline for significant investment could stretch into years, delaying any meaningful revival of Venezuela’s battered oil infrastructure. Analysts say this dynamic creates a tension between political ambition and corporate risk management.
Next up, oil majors are expected to continue private negotiations with the administration as detail work on contracts and investment protections unfolds.
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