Overview
- President Trump is hosting oil and trading chiefs at the White House to press for investment in Venezuela’s oil sector, with invitees including ExxonMobil, ConocoPhillips, Shell, Chevron, Vitol and Trafigura.
- Energy Secretary Chris Wright says Washington is controlling and marketing Venezuelan crude, starting with stored barrels, with sale proceeds held in U.S.-controlled accounts and ongoing oversight of exports.
- The administration has outlined plans to sell 30 million to 50 million barrels relinquished to the U.S., while American forces continue tanker seizures linked to sanctioned Venezuelan shipments.
- Chevron remains the only U.S. major operating in Venezuela and is actively loading cargoes for Gulf Coast refiners, as other companies seek assurances after past nationalizations and unpaid claims.
- Industry and investors voice caution over profitability at current prices, unresolved political and legal risks under interim leadership, and the multi-year, multibillion-dollar cost to restore output, even as oil prices edge higher on geopolitical factors.