President Donald Trump held a high-level meeting at the White House on Friday, 9 January, bringing together senior executives from some of the world’s largest American and European oil companies. The aim of the meeting was clear. Trump wanted to convince these companies to invest in reviving Venezuela’s deeply damaged oil industry, which has suffered years of decline. Despite his strong push and confident tone, the meeting ended without the firm investment promises he had hoped for.

Executives from major US oil companies such as Chevron, ExxonMobil, ConocoPhillips and Continental Resources attended the discussions. They were joined by leading European energy firms including Repsol, Shell and Eni. The meeting reflected Trump’s broader and increasingly aggressive approach toward Venezuela, a country he has openly stated he wants to draw back under strong US influence.

While the discussions were described as wide-ranging, most executives remained cautious. They listened closely but stopped short of making concrete commitments, reflecting deep concerns about political risk, legal uncertainty and the long history of government interference in Venezuela’s oil sector.

Trump Declares Oil Transfer, Promotes a Shared Energy Future

Trump began the meeting with a dramatic claim that set the tone for the discussion. He announced that Venezuela’s interim government had handed over 30 million barrels of oil to the United States on Thursday, 8 January. This volume, he said, is roughly equal to one full month of Venezuela’s oil production. Trump presented this move as a turning point and the first sign of a new relationship between the two countries.

According to Trump, the removal of Nicolás Maduro from power had opened the door for a close economic partnership. He said the United States and Venezuela could work together as “two major energy powers” in the Western Hemisphere, linking their economies through oil production and trade.

The public portion of the meeting was attended by several senior US officials, including Secretary of State Marco Rubio, Vice President J.D. Vance, and Energy Secretary Chris Wright. Their presence underlined how seriously the administration views oil as a tool for reshaping Venezuela’s future.

Trump argued that private oil companies would play a central role in rebuilding Venezuela’s collapsed economy. However, many executives in the room appeared uneasy. Venezuela’s past actions, especially the nationalisation of private assets, still weigh heavily on investor confidence.

Oil Executives Flag Legal and Political Risks

The strongest and most direct warning came from ExxonMobil CEO Darren Woods. Speaking frankly, Woods said Venezuela’s current environment makes it unsafe for major investments. He pointed to weak legal protections and unreliable commercial systems as major barriers for foreign companies.

“If you look at the frameworks in place today, it’s uninvestable,” Woods said, stressing that serious legal reforms would be required before ExxonMobil could consider returning to the country.

He reminded those present that ExxonMobil exited Venezuela nearly 20 years ago after the government under Hugo Chávez nationalised oil projects. According to Woods, the company’s assets were seized twice during that period, and he said the Venezuelan government still owes ExxonMobil around $12 billion. While he acknowledged that ExxonMobil could send a technical team to inspect pipelines and infrastructure, he made it clear that large-scale investment is not an option at this stage.

Chevron, which remains the only major US oil company still operating in Venezuela under a special US licence, also struck a careful and reserved tone. Vice Chair Mike Nelson noted Chevron’s long history in the country but avoided making any promises about expanding operations under current conditions.

US Tightens Control Following Maduro’s Capture

The meeting took place only days after a US military operation that captured Nicolás Maduro and his wife Cilia Flores. Since that operation, the Trump administration has moved quickly to strengthen its control over Caracas. The United States has asserted authority over Venezuela’s oil sales and has facilitated the transfer of what it says is a full month’s worth of oil production.

A US naval force remains positioned off Venezuela’s coast, effectively enforcing a blockade. Trump told executives that Washington would offer security guarantees to companies willing to invest in the country. However, he did not explain whether this protection would include deploying US troops on Venezuelan soil.

Trump also delivered a blunt message to the business leaders present. He warned that if they chose not to invest, others would be ready to take their place.

“If you don’t want to go in, just tell me,” Trump said. “I’ve got 25 people who weren’t invited today who are willing to take your place.”

Smaller Companies Show Willingness to Step In

While the world’s biggest oil companies remained cautious, interest appeared stronger among smaller firms and private equity-backed players. Some of these companies have connections to Colorado, the home state of Energy Secretary Chris Wright. They spoke positively about Trump’s strategy and said they were open to investing in Venezuela and helping to market its oil.

The interest comes despite Venezuela’s weakened position in global energy markets. Although the country holds the world’s largest oil reserves, it currently produces only about one per cent of global oil supply. Years of underinvestment, poor management and political instability have severely damaged its output. In the 1970s, Venezuela produced around 3.5 million barrels of oil per day, more than three times what it produces now.

Trump Presses for Quick Profits

Trump closed the discussion by pushing for fast financial returns. He suggested that the US Export-Import Bank could be used to help fund oil projects in Venezuela, reducing risks for investors. His plan, he said, is straightforward. Companies would invest, recover their money quickly, and then share the profits.

“We get them to invest, get their money back fast, and then we split it between Venezuela, the United States and them,” Trump said. “It’s a simple formula.”

For now, however, most major oil companies remain unconvinced. Their reluctance highlights the deep uncertainty surrounding Trump’s ambitious plan and raises serious questions about whether Venezuela’s oil sector can be revived without major political and legal changes.