Trump touts plan to get up to 50M barrels of oil – DW – 01/07/2026

The Trump administration is planning a meeting with representatives of US oil companies to discuss the prospects of regaining a US foothold in Venezuela’s oil industry after the ouster of President Nicolas Maduro, according to a source familiar with the matter.

CBS News, citing an unnamed source, said executives from the three largest US oil companies – Exxon Mobil, ConocoPhillips and Chevron – are expected to meet with Energy Secretary Chris Wright on Thursday.

After U.S.-led energy operations in Venezuela were taken over by the government there nearly two decades ago under the late President Hugo Chávez, Chevron was the only major U.S. company still active in the country under rules that allow it to partner with companies that are at least 50% owned by the Venezuelan state.

However, the return of other US companies to Venezuela is considered by industry analysts to be a difficult proposition given the lack of infrastructure, uncertainty over the country’s political future, legal framework and US policy in the long term.

He says billions of investments will be required to increase oil production to sustainable levels.

Reuters news agency quoted oil industry officials as saying that none of the three companies had so far discussed the possible consequences of Maduro’s removal with the administration.

This contradicts US President Donald Trump’s claim that he had held meetings with “all” US oil companies before and after Maduro was seized by US forces in a weekend operation.

However, White House spokesperson Taylor Rogers claimed that “All of our oil companies are ready and willing to make major investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime.”

Venezuela has the world’s largest proven oil reserves, with more than 300 billion barrels available – more than Saudi Arabia.

Although this accounts for less than 1% of global oil production, this figure was more than 10% of global production in the 1960s.

Crude oil production has fallen by more than 70% since the late 1990s, and Venezuela now ranks 21st on the list of global producers.

You can read more about the state of the oil industry in Venezuela and the past and possible future role of the US in it in this article:

What’s next for Venezuelan oil after US ousts Maduro?