Trump's Venezuela oil meeting yields few concrete promises
Trump's Venezuela oil meeting yields few concrete promises
Executives at a White House oil meeting urged caution as Trump pushes for big investments, with no major commitments and Venezuela described as uninvestable for now.
A White House gathering brought together top oil executives to hear President Donald Trump press for at least $100bn in oil-industry spending to unlock Venezuela's vast reserves. Yet the session ended without any major financial commitments, signaling a wary path forward despite the high stakes.
Exxon chief executive Darren Woods bluntly warned that Venezuela is currently uninvestable, noting repeated asset seizures and the risks that would come with re-entering the country. He stressed that any fresh investment would require significant changes from what has been seen historically.
Other attendees included representatives from Chevron, Spain's Repsol and Italy's Eni, all acknowledging Venezuela's huge energy potential but underscoring the need for a stable investment climate. They indicated that new projects would hinge on policy clarity and improvements in the business environment, with the administration indicating it would decide which firms are allowed to operate.
The backdrop to the talks is Venezuela’s volatile political situation following a January 3 operation in which Maduro was affected by U.S. actions, raising questions about how quickly the country could resume large-scale oil production. Trump argued that leveraging Venezuela's oil could help lower energy prices, but executives cautioned that policy uncertainty and past expropriations complicate any rush to invest.
In short, while the potential is clear, the path to meaningful investment remains blocked by political risk and a need for credible, implementable reforms.
