Trump Seeks $100 Billion Investment, While Exxon CEO Labels Venezuela "Uninvestable"

U.S. President Donald Trump called for a massive $100 billion investment in Venezuela's oil sector during a White House meeting on Friday, but the proposal met a lukewarm reception from top energy executives. Darren Woods, CEO of ExxonMobil, warned that the country is currently "uninvestable," noting that Exxon's assets there have been seized twice in the past. He emphasized that a return would require radical changes far beyond the current status quo.

The "Donroe" Approach to Oil: Trump stated that his administration would decide which companies are allowed to operate in Venezuela, explicitly telling executives: "You deal with us directly; you don’t deal with Venezuela at all." The White House is working on "selectively" lifting sanctions while maintaining control over sales to keep leverage over the interim government led by Delcy Rodríguez. Additionally, Trump signed an executive order to protect Venezuelan oil revenues held in U.S. accounts from judicial seizures by U.S. courts.

Market Reality vs. Political Ambition: While small independent firms expressed enthusiasm, major players remain cautious. Analysts, including David Goldwyn, suggest that while executives are being "polite," they are far from committing billions. Increasing production significantly would require $8–$9 billion annually until 2040. Currently, Venezuela produces about 1 million barrels per day—less than 1% of global supply—and experts warn that a quick drop in global energy prices due to Venezuela is unlikely.