Trump Announces US Will Decide Which Oil Firms Invest in Venezuela
In a clear display of direct involvement, US President Donald Trump declared on January 9, 2026, that the United States government will determine which American oil companies are allowed to invest in Venezuela’s struggling oil industry. This announcement came during a White House meeting held with executives from major US oil corporations.
Commitments from Major Oil Producers
Trump revealed that leading oil producers have collectively committed $100 billion to revive Venezuela’s deteriorating oil sector. He emphasized the goal of rapidly restoring Venezuela’s oil production capacity to benefit both the United States and the global market.
Details of the White House Meeting
The meeting saw the participation of key officials and industry leaders, including Secretary of State Marco Rubio and Energy Secretary Chris Wright. Representatives from prominent companies such as Chevron, ExxonMobil, ConocoPhillips, Continental Resources, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy, and Hilcorp were also present.
US Government to Control Investment Decisions and Ensure Security
- Trump stated the US government would have exclusive authority to select which companies operate in Venezuela.
- He assured that these companies would receive “total security” guarantees during their operations.
Social Media Updates and US-Venezuela Relations
On his social media platform Truth Social, Trump highlighted the substantial investment from the oil sector, stating, “at least 100 billion dollars will be invested by BIG OIL.” He also mentioned postponing a second round of strikes on Venezuela, attributing this decision to Venezuela’s cooperation.
Ongoing Control Over Venezuelan Oil Industry
Energy Secretary Chris Wright has previously stated that the US intends to oversee Venezuela’s oil industry “indefinitely.” Meanwhile, Venezuela’s interim President Delcy Rodriguez, a former deputy to Nicolás Maduro, maintains that her government retains control. The state-owned oil company PetroVenezuela confirmed ongoing negotiations with the United States but did not elaborate further.
Current Status of US Oil Firms in Venezuela
- Chevron remains the only US oil company currently licensed to operate in Venezuela.
- ExxonMobil and ConocoPhillips exited the Venezuelan market in 2007 after refusing former President Hugo Chavez’s demand to relinquish majority control of their local operations.
