Trump Urges Oil Companies to Speed Work in Venezuela

In January 2026, President Trump urged U.S. oil executives to quickly develop Venezuela's oil reserves following the capture of President Nicolás Maduro and the seizure of another tanker carrying Venezuelan oil. Trump outlined a plan for U.S. companies to invest at least $100 billion to rebuild Venezuela's oil industry, anticipating millions of barrels of oil production to benefit the U.S., Venezuela, and the world. This occurred as the U.S. military continued intercepting Venezuelan oil tankers in the Caribbean Sea. However, oil executives, like Exxon Mobil's CEO, expressed concerns about the risks of investing in Venezuela, citing past asset seizures and the need for significant changes to ensure security before committing to such investments. The U.S. anticipates maintaining a naval presence off the Venezuelan coast.