Trump seeks $100bn for Venezuela oil

US President Donald Trump has requested at least $100 billion in oil investment for Venezuela, following the recent seizure of the country’s leader, Nicolás Maduro, by US forces on January 3.

Trump made the call during a White House meeting with executives from major US and international oil firms, promising that unlocking Venezuelan oil would lead to lower energy prices for the United States.

However, some industry leaders expressed caution, warning that Venezuela remains a high-risk investment. ExxonMobil CEO Darren Woods described the country as “uninvestable” today, citing past seizures of company assets. “We have had our assets seized there twice, and to re-enter a third time would require significant changes,” he said.

Venezuela, with vast oil reserves, has long been an enticing but challenging market for international oil firms. Chevron is the only major American company currently operating there, while Spain’s Repsol and Italy’s Eni are also active.

Trump told executives that US authorities would control operations, saying: “You’re dealing with us directly. You’re not dealing with Venezuela at all. We don’t want you to deal with Venezuela.”

The White House has indicated plans to selectively roll back US sanctions, while also seizing oil tankers carrying sanctioned crude. Revenue from sales will be held in US-controlled accounts, safeguarded from foreign court claims under an executive order signed by Trump on Friday.

Venezuela’s oil production has suffered for decades due to mismanagement, disinvestment, and sanctions, currently averaging around one million barrels per day — less than 1% of global supply.