Trump Administration to meet Oil Companies over Venezuela, source says

The Trump administration has scheduled meetings with leading U.S. oil companies to discuss possible investments in Venezuela, according to sources cited by Dawn and Al Jazeera, as Washington moves to reshape energy ties following the collapse of Nicolás Maduro’s government.

The talks, expected later this week, come after President Donald Trump publicly urged American oil producers to expand into Venezuela and help restart an industry once central to the country’s economy. Venezuela boasts the largest proven oil reserves in the world, but output has been crippled by years of sanctions, corruption, and failing infrastructure.

Trump’s remarks surprised parts of the energy industry, where executives say they were not consulted before the political shift in Caracas. Several oil executives told reporters that no direct outreach occurred prior to Trump’s statements, highlighting a disconnect between political messaging and industry planning.

Now, the administration appears to be closing that gap. Dawn reported that U.S. officials are actively engaging oil majors to gauge interest and outline potential frameworks for investment. Secretary of State Marco Rubio and Energy Secretary Chris Wright are expected to lead the discussions.

Chevron is currently the only U.S. company operating in Venezuela under special authorization, exporting roughly 150,000 barrels per day. Other majors, including Exxon Mobil and ConocoPhillips, left Venezuela years ago after the government seized assets, and legal disputes remain unresolved.

Sources said the White House may offer financial incentives or policy assurances to entice companies back, acknowledging the steep costs of rebuilding decaying oil fields, refineries, and pipelines. Analysts warn that even under favorable conditions, a production rebound would take years.

A White House spokesperson said Trump is focused on “unlocking new energy opportunities” that benefit both U.S. companies and regional stability.

While enthusiasm in Washington is high, oil executives remain cautious. Political uncertainty, regulatory risk, and the scale of required investment loom large.

For now, the meetings represent a first step, a test of whether U.S. energy giants are willing to bet again on Venezuela’s vast but volatile oil promise.

Stay updated with the latest news here.