Us oil giants reject trump’s call for major venezuela investment despite white house pressure

Oil industry executives offered polite praise but delivered a cold reception to President Donald Trump’s push for massive investment in Venezuela’s struggling petroleum sector during a recent White House meeting. Despite Trump’s direct appeals, major US oil companies showed little enthusiasm for committing the billions of dollars needed to revive Venezuela’s oil industry.

Exxon CEO Darren Woods bluntly characterized Venezuela as “uninvestable” under current conditions, while other oil executives expressed similar caution about Trump’s proposal. The lukewarm response highlights the significant political and economic risks that oil companies face when considering operations in Venezuela, despite the country’s vast oil reserves.

The meeting came less than a week after US military operations in the region, underscoring the complex geopolitical dynamics surrounding Venezuela’s energy sector. While Trump has taken a hardline approach toward the Venezuelan government, oil companies appear unwilling to commit substantial resources without greater political stability and clearer regulatory frameworks.

The executives’ reluctance reflects broader industry concerns about investing in politically volatile regions, particularly given Venezuela’s history of nationalizing foreign oil assets and ongoing economic instability. For US oil majors, the potential returns from Venezuelan operations may not justify the substantial financial and reputational risks involved, despite pressure from the highest levels of government to engage with the country’s energy sector.