Overview
- President Trump told more than 20 industry leaders the United States will decide which companies can operate in Venezuela and said China and Russia can buy Venezuelan crude, including through U.S. channels.
- Many majors voiced caution, with ExxonMobil CEO Darren Woods saying it is impossible to invest under Venezuela’s current legal and commercial structures.
- Some incumbents signaled conditional expansion, with Chevron eyeing a 50% output lift in 18–24 months, Repsol targeting a tripling in two to three years, and Eni saying it is ready to invest.
- Rystad Energy estimates about $183 billion is required to lift output to 3 million barrels a day by 2040, alongside legal reforms, resolution of disputes with ExxonMobil and ConocoPhillips, security guarantees, and PDVSA restructuring.
- Venezuela’s interim president Delcy Rodríguez said the government will respond through diplomacy following the U.S. operation that captured Nicolás Maduro.