President Donald Trump held a meeting with oil industry leaders to discuss potential investments totaling $100 billion for accessing Venezuela’s oil reserves, coinciding with the US seizure of an oil tanker in the Caribbean Sea. Trump, who recently mentioned Venezuela’s plan to provide millions of barrels of oil to the US, engaged in talks with top oil company executives at the White House on January 9.
During the meeting, executives expressed interest in the opportunity but voiced concerns due to previous asset seizures in Venezuela. Notably, ExxonMobil’s CEO, Darren Woods, a key figure in the largest US oil company, highlighted the current challenges in Venezuela’s investment landscape, stating that the situation remains unattractive for investments. Despite ExxonMobil facing asset seizures in Venezuela previously, Woods indicated that the company would send a team to assess the current scenario.
In attendance were executives from Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell, among others. Trump assured the executives that despite historical state asset seizures, US sanctions, and political unrest in Venezuela, their investments would be secure. The President emphasized direct engagement with the US rather than Venezuela and pledged that the oil giants would invest $100 billion independently, backed by government protection.
In parallel developments, US forces intercepted an oil tanker in the Caribbean Sea, marking the fifth such seizure in a month. The Trump administration’s actions against tankers connected to Venezuelan oil trade are part of a broader crackdown on illicit global oil activities. Homeland Security Secretary Kristi Noem revealed that the seized ship was suspected of carrying embargoed oil, attempting to evade US authorities after departing Venezuela.
Venezuela’s oil production has plummeted below one million barrels daily. Energy Secretary Chris Wright, following discussions with oil executives, projected that it could take between eight to 12 years for Venezuela to reach a daily production level of three million barrels. This signifies a significant recovery timeline for Venezuela’s oil industry.