WASHINGTON, D.C. January 9, 2026 –
President Donald Trump held a meeting with leading U.S. oil and gas executives at the White House on January 9, 2026, focusing on opportunities for American companies to invest in and expand production in Venezuela’s oil sector. The session was live-streamed on X by the official @WhiteHouse account.
The meeting included representatives from major companies such as Chevron and Exxon Mobil, as well as smaller operators. Discussions centered on redirecting Venezuelan crude to U.S. markets and potentially securing up to $100 billion in investments to revive the country’s oil industry following recent U.S. actions in the region, including the seizure of oil tankers.
President Trump’s push aligns with his “drill baby drill” agenda to increase global oil supply and combat inflation by lowering prices. However, the emphasis on Venezuelan production has raised concerns among domestic producers.
Industry executives and analysts warned that a surge in Venezuelan barrels could flood the market, further depress oil prices, and pressure U.S. shale operations. U.S. crude production hit a record 13.61 million barrels per day in 2025 but is forecast to decline in 2026 amid current low prices.
“This recent move to redirect Venezuelan crude to the U.S., potentially tens of millions of barrels, will put pressure on domestic shale producers,” said Linhua Guan, CEO of Surge Energy America.
Major oil companies appeared wary of large-scale commitments, citing high costs, lengthy timelines, and political risks in Venezuela. Some have privately sought potential federal guarantees before proceeding.
The initiative reflects broader administration efforts to leverage Venezuela’s vast reserves—one of the world’s largest—while navigating complex legal and market dynamics. Analysts note that added supply could benefit U.S. refineries processing heavy crude but challenge onshore producers already facing breakeven pressures.
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