WASHINGTON,

US President Donald Trump has said major American oil companies have pledged at least $100 billion to revive Venezuela’s oil industry, as he prepared to meet senior energy executives at the White House.

In a post on his Truth Social platform, Trump said the investment commitment came from “BIG OIL” companies whose leaders were due to attend talks aimed at supporting Washington’s plans for Venezuela’s energy sector.

“At least 100 billion dollars will be invested by BIG OIL, all of whom I will be meeting with today at the White House,” Trump wrote.

The announcement follows a dramatic escalation in US involvement in Venezuela. On January 3, US forces seized Venezuelan leader Nicolas Maduro in a sweeping military operation, with Trump openly acknowledging that control of Venezuela’s oil reserves was central to the intervention.

US claims long-term control of oil industry

The Trump administration has repeatedly stated that Washington is now effectively running Venezuela. US Energy Secretary Chris Wright said this week that the United States would control the country’s oil industry “indefinitely”.

Venezuela’s interim government has disputed that claim. Interim President Delcy Rodríguez, formerly Maduro’s deputy, said her administration remains in charge, while the state-run oil company said it is only engaged in negotiations with the United States over oil sales.

Trump said he cancelled a second wave of strikes on Venezuela due to what he described as “cooperation” from the country. He pointed to the release of political prisoners this week and said the two sides were “working well together, especially as it pertains to rebuilding their oil and gas infrastructure”.

Oil executives expected at White House

US media reports say the heads of Exxon Mobil, Chevron and ConocoPhillips are expected to attend the White House meeting.

Trump’s spokesperson Karoline Leavitt said the talks would focus on the scale of opportunity now facing US energy firms.

“It’s just a meeting to discuss, obviously, the immense opportunity that is before these oil companies right now,” she told reporters.

Chevron is currently the only US company with a licence to operate in Venezuela. Exxon Mobil and ConocoPhillips exited the country in 2007 after refusing a demand by then president Hugo Chávez to cede majority control of their local operations to the state.

A country crippled by sanctions

Venezuela has been under US sanctions since 2019 and holds roughly one-fifth of the world’s proven oil reserves. Once a major crude supplier to the United States, the country has seen production collapse after years of underinvestment, sanctions and export restrictions.

According to OPEC, Venezuela produced only about one per cent of global crude output in 2024.

Trump has framed Venezuela’s vast oil reserves as a key asset in his efforts to push down fuel prices in the United States, where energy costs remain a politically sensitive issue.

However, analysts say persuading major oil companies to invest heavily may prove difficult, given uncertainty over Venezuela’s post-Maduro governance, security risks and the enormous cost of restoring damaged infrastructure.

Oil revenues “controlled by me”

Earlier this week, Trump said Venezuela’s interim authorities would deliver between 30 million and 50 million barrels of oil to the United States, with proceeds managed directly by the US president.

“This oil will be sold at its market price, and that money will be controlled by me, as President of the United States of America,” Trump wrote, saying the funds would benefit both countries.

He later added that any money spent by Venezuela would be used exclusively to purchase US products.

Energy Secretary Wright has played down concerns over the scale of investment needed to restart production, saying output could rise by several hundred thousand barrels a day in the short to medium term. He acknowledged, however, that restoring production to historic levels above three million barrels per day would require tens of billions of dollars and significant time.

Sanctions selectively rolled back

During his first term, Trump imposed an oil embargo aimed at economically isolating Venezuela, which is heavily dependent on crude exports. After returning to office for a second term, he ended most licences allowing foreign energy firms to operate there, with Chevron remaining the sole exception.

Washington now says it is selectively rolling back sanctions to allow Venezuelan crude to be sold and transported on global markets.

US officials have also confirmed plans to ship light oil to Venezuela to blend with its heavy crude, making it easier to refine. The Department of Energy is expected to authorise the transfer of equipment and technical experts to help upgrade ageing infrastructure.

Venezuelan crude is among the world’s heaviest and most difficult to process, requiring specialised facilities and blending to be commercially viable.