WASHINGTON — Major U.S. oil companies are warning that they will require firm legal and financial guarantees from the U.S. government before committing to large-scale investments in Venezuela’s oil industry, amid an increasingly bold push by President Donald Trump to reshape global energy markets and expand American influence over Venezuelan crude.
Top energy executives met with U.S. officials in Miami this week, and Trump is scheduled to host oil industry leaders at the White House to discuss ways of increasing Venezuelan oil production. However, industry sources say that despite the administration’s efforts, companies are hesitant to invest without strong assurances to protect them from financial and legal risks.
American firms, including major players such as Chevron, ExxonMobil and ConocoPhillips, want “serious guarantees” from Washington to safeguard investments in Venezuela before they commit capital to repair and expand the South American country’s oil infrastructure, according to a Financial Times report. U.S. officials have indicated that talks with executives will focus on the necessary support and protections that would encourage investment.
The push for private investment comes amid broader White House efforts to revive Venezuela’s battered oil sector, which has seen production decline sharply over the past two decades. The Trump administration has taken steps to relax some sanctions and has outlined plans to market up to 50 million barrels of Venezuelan crude under U.S. control. It sees increased oil output as a way to lower energy costs and enhance U.S. energy security.
Despite these developments, uncertainty remains high. Analysts note that Venezuela’s political instability and deteriorated infrastructure make large investments risky, particularly without clear government backing that would extend beyond a single presidential term. Executives are seeking enforceable agreements to ensure stability and protect them from potential future policy changes.
Industry sources say the planned White House discussions will be crucial in shaping the future of U.S. involvement in Venezuelan oil. It remains unclear whether the guarantees sought by companies will be forthcoming or how quickly any investment might materialize, given the complex legal and geopolitical challenges involved.
The evolving situation underscores the broader tensions and high stakes in U.S.–Venezuela relations — where energy policy, diplomacy, and economic interests intersect against a backdrop of recent political upheaval in the region.