The Trump administration will meet with U.S. oil company executives later this week to discuss increasing oil production in Venezuela after U.S. forces removed its leader, Nicolás Maduro.
These meetings are important for the administration’s goal of bringing major U.S. oil companies back into Venezuela. The Venezuelan government took control of U.S.-operated energy projects nearly twenty years ago.
The three largest U.S. oil companies, Exxon Mobil, ConocoPhillips, and Chevron, have not talked to the administration about Maduro’s removal, according to four oil industry executives. This goes against Trump’s claims over the weekend that he met with “all” the U.S. oil companies before and after Maduro was ousted. One source said, “None of these three companies has talked to the White House about operating in Venezuela, either before or after the removal.”
These upcoming meetings are crucial for the administration’s plans to increase oil production and exports from Venezuela. Venezuela, an OPEC member, has the world’s largest oil reserves, and U.S. refineries can process its crude oil. Experts say achieving this goal will take years of work and billions of dollars in investment.
“All of our oil companies are ready and willing to invest heavily in Venezuela to rebuild their oil infrastructure, which the illegitimate Maduro regime has destroyed,” said White House spokesperson Taylor Rogers.
Big Plans, Big Problems
On Saturday, U.S. forces quickly raided Venezuela’s capital and arrested President Nicolás Maduro. They sent him to the United States to face drug-related charges.
After Maduro’s capture, former President Trump said he expects major U.S. oil companies to invest billions to increase Venezuela’s oil production. Production has dropped to about one-third of its best level over the past twenty years because of low investment and sanctions.
However, experts note that these plans may face challenges due to poor infrastructure and uncertainty about Venezuela’s political future, legal situation, and U.S. policies. Currently, Chevron is the only major American oil company working in Venezuela’s oil fields. ExxonMobil and ConocoPhillips had successful operations in the country until former President Hugo Chávez took over their projects.
An oil industry executive, who wished to remain anonymous, stated, “I don’t think any company besides Chevron, which is already there, will decide to develop this resource.” ConocoPhillips is seeking billions in compensation for losing three oil projects under Chávez. ExxonMobil has been involved in long legal disputes after leaving Venezuela in 2007.
Chevron exports about 150,000 barrels of crude oil daily from Venezuela to the U.S. Gulf Coast. It has carefully worked with the Trump administration to maintain its operations in Venezuela over the past few years.
Investors are optimistic, betting that U.S. actions against Venezuela’s leaders will give U.S. companies access to the country’s oil reserves. However, Trump noted that a U.S. embargo on Venezuelan oil is still in place.
As a result, the S&P 500 energy index reached its highest point since March 2025, with ExxonMobil rising by 2.2% and Chevron jumping by 5.1%.
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