US President Donald Trump is set to meet senior executives from leading American oil companies on Friday as he seeks their backing for his administration’s plans in Venezuela, a country whose vast energy resources he has said the United States expects to control for years.
The meeting follows a sweeping U.S. military operation on January 3 that resulted in the capture of Venezuelan President Nicolás Maduro. Trump has made clear that control of Venezuela’s oil sector was central to the operation. White House Press Secretary Karoline Leavitt said Washington currently has “maximum leverage over the interim authorities in Venezuela,” confirming the talks with top oil executives.
“We’re meeting tomorrow with all of the big oil executives, right here in the White House,” Trump said in an interview aired by Fox News on Thursday.
Senior administration officials have repeatedly stated that the United States is now running Venezuela’s energy sector. Energy Secretary Chris Wright said on Wednesday that Washington would control the country’s oil industry “indefinitely.” Venezuela’s interim president, Delcy Rodríguez, who previously served as Maduro’s deputy, has countered that her government remains in charge, with the state oil company saying only that it is in negotiations with the United States over oil sales.
According to NBC News, the White House meeting is expected to include the chief executives of Exxon Mobil, Chevron and ConocoPhillips. Leavitt described the talks as an opportunity to discuss “the immense opportunity” facing U.S. oil companies.
Chevron is currently the only U.S. firm licensed to operate in Venezuela. Exxon Mobil and ConocoPhillips exited the country in 2007 after refusing then-president Hugo Chávez’s demand that foreign operators cede majority control of local assets to the state.
Despite holding roughly one-fifth of the world’s proven oil reserves, Venezuela has struggled under U.S. sanctions imposed since 2019. Once a major supplier to the United States, the country accounted for only about one percent of global crude production in 2024, according to OPEC, after years of underinvestment, sanctions and operational decline.
Trump views Venezuela’s oil reserves as a potential windfall in his push to further reduce U.S. fuel prices, a key domestic political issue. However, analysts say persuading major oil companies to invest could prove difficult, given uncertainty over post-Maduro governance, security concerns and the high cost of restoring degraded infrastructure.
On Tuesday, Trump said Venezuela’s interim authorities would deliver between 30 million and 50 million barrels of oil to the United States, with proceeds controlled by the U.S. president. In a post on his Truth Social platform, he said the oil would be sold at market prices and the revenue used to benefit both countries, adding that any Venezuelan spending would be limited to purchases of U.S. goods.
Energy Secretary Wright has played down concerns over the scale of investment required, saying output could rise by several hundred thousand barrels per day in the short to medium term. He acknowledged, however, that restoring production to historic levels of more than three million barrels per day would require tens of billions of dollars and significant time.
During Trump’s first term, Washington imposed a strict oil embargo aimed at economically isolating Venezuela. After returning to office, Trump ended most licenses allowing foreign energy companies to operate there, with Chevron remaining the sole exception. The administration now says it is selectively easing sanctions to enable the sale and transport of Venezuelan crude on global markets.
Venezuelan oil is heavy and difficult to refine. The U.S. Department of Energy plans to ship lighter crude to blend with Venezuelan output and authorize the export of equipment and technical expertise to help upgrade the country’s energy infrastructure.
