WASHINGTON: U.S. President Donald Trump on Friday said the world’s largest oil companies have pledged to invest USD 100 billion to revive Venezuela’s struggling oil industry as he prepared to host senior energy executives at the White House. Trump wrote on his social media platform that “at least 100 Billion Dollars will be invested by BIG OIL,” ahead of a meeting aimed at securing support for his Venezuela plans.
Trump’s remarks come in the wake of a U.S. military operation on January 3 that resulted in the capture of Venezuelan President Nicolás Maduro, an action he has openly linked to gaining control over Venezuela’s vast oil reserves. The administration has repeatedly asserted it is overseeing the country’s oil sector, with U.S. officials saying Washington will manage Venezuela’s oil assets “indefinitely.”
In his post, Trump said he called off a second wave of strikes on Venezuela due to what he described as “cooperation” from the country, noting the release of political prisoners and increased collaboration on rebuilding oil and gas infrastructure.
According to reports, executives from major oil companies, including ExxonMobil, Chevron, and ConocoPhillips, were expected at the White House meeting. Chevron remains the only U.S. firm currently licensed to operate in Venezuela, while Exxon and ConocoPhillips exited the country in 2007 after refusing to cede majority stakes to Caracas.
Venezuela, which holds about 20 per cent of the world’s proven oil reserves, has seen its production plunge to around 1 per cent of global crude output due to years of underinvestment, sanctions, and economic mismanagement.
Trump has framed the potential investment as an opportunity to help lower U.S. fuel prices, but analysts and industry executives have expressed skepticism due to uncertainty over governance, security, and the enormous cost of rehabilitating Venezuela’s deteriorated energy infrastructure.
Earlier this week, Trump also said Venezuela’s interim government would deliver up to 50 million barrels of oil to the U.S., with proceeds “controlled by me” to “benefit the people of Venezuela and the United States.”
The reported $100 billion investment commitment reflects Trump’s push to attract private capital for rebuilding Venezuela’s oil sector, though firm contractual pledges and clear investment timelines remain unclear amid ongoing political and economic uncertainty.
By AFP
