Washington (TDI): The Trump administration is planning meetings with executives from top US oil companies later this week to discuss boosting Venezuelan oil production following the recent ouster of President Nicolas Maduro, Reuters reported.
The discussions are seen as a crucial step toward reintegrating US oil firms into Venezuela, which has the world’s largest proven crude reserves but has suffered decades of underinvestment and sanctions.
Contrary to President Trump’s weekend statements, Exxon Mobil, ConocoPhillips, and Chevron have not yet held discussions with the White House about operating in Venezuela, according to four oil industry executives. “Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal to this point,” Reuters reported citing sources.
A White House spokesperson, Taylor Rogers, said, “All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime.”
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Trump told NBC News that the administration might subsidize oil companies to help rebuild Venezuela’s energy infrastructure, adding that firms were aware of contingency plans but were not informed of the timing of the US military operation that captured Maduro.
Executives from the three companies are expected to meet with Energy Secretary Chris Wright on Thursday. However, anti-trust regulations may limit collective discussions about investment plans, production levels, or timing.
While the US aims to ramp up Venezuela’s oil output, analysts caution that years of underinvestment, political uncertainty, legal disputes, and infrastructure damage will complicate efforts.
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Currently, Chevron is the only American major operating in Venezuela, exporting roughly 150,000 barrels per day to the US Gulf Coast. Exxon and ConocoPhillips had prior operations before projects were nationalized under Hugo Chavez, and both have ongoing legal claims for restitution.
Investors responded optimistically to the news. The S&P 500 energy index hit its highest level since March 2025, with Exxon Mobil up 2.2% and Chevron up 5.1%.
