Trump meets with oil executives at the White House on Friday, seeking investments in Venezuela
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President Donald Trump waves as he walks off stage after speaking to House Republican lawmakers during their annual policy retreat, Tuesday, Jan. 6, 2026, in Washington. Photo by Evan Vucci /APArticle contentWASHINGTON (AP) — President Donald Trump is meeting with oil executives at the White House on Friday in hopes of securing $100 billion in investments to revive Venezuela’s ability to fully tap into its expansive reserves of petroleum — a plan that rides on their comfort in making commitments in a country plagued by instability, inflation and uncertainty.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentSince the U.S. military raid to capture former Venezuelan leader Nicolas Maduro on Saturday, Trump has quickly pivoted to portraying the move as a newfound economic opportunity for the U.S., seizing three tankers carrying Venezuelan oil, saying the U.S. is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil and will be controlling sales worldwide indefinitely.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentIt’s also part of a broader push by Trump to keep gasoline prices low. At a time when many Americans are concerned about affordability, the incursion in Venezuela melds Trump’s assertive use of presidential powers with an optical spectacle meant to convince Americans that he can bring down energy prices.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe meeting, set for 2:30 p.m. EST, is currently set to occur behind closed doors, according to the president’s daily schedule. “At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump said Friday in a pre-dawn social media post.Article contentTrump is set to meet with executives from 17 oil companies, according to the White House. Among the companies attending are Chevron, which still operates in Venezuela, and ExxonMobil and ConocoPhillips, which both had oil projects in the country that were lost as part of a 2007 nationalization of private businesses under Maduro’s predecessor, Hugo Chavez.Article contentOther companies slated to be at the meeting include Halliburton, Valero, Marathon, Shell, Singapore-based Trafigura, Italy-based Eni and Spain-based Repsol.Article contentArticle contentLarge U.S. oil companies have so far largely refrained from affirming investments in Venezuela as contracts and guarantees need to be in place. Trump has suggested on social media that America would help to backstop any investments.Article contentVenezuela’s oil production has slumped below one million barrels a day. Part of Trump’s challenge to turn that around will be to convince oil companies that his administration has a stable relationship with Venezuela’s interim President Delcy Rodriguez, as well as protections for companies entering the market.Article contentSecretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum are slated to attend the oil executives meeting, according to the White House.Article contentTrending Unemployment rate rises to 6.8% as more Canadians search for work Economy A love letter to those who don’t believe in RRSPs Personal Finance Why HELOCs make a heck of a lot of sense in 2026 Mortgages Posthaste: How the upbeat outlook for the Canadian dollar likely just got trashed News Trump once again puts critical Canadian industry in crosshairs Oil & Gas Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Unemployment rate rises to 6.8% as more Canadians search for work Economy A love letter to those who don’t believe in RRSPs Personal Finance Why HELOCs make a heck of a lot of sense in 2026 Mortgages Posthaste: How the upbeat outlook for the Canadian dollar likely just got trashed News Trump once again puts critical Canadian industry in crosshairs Oil & Gas