6:00President Donald Trump in the Oval Office of the White House in Washington, March 26, 2025.Mandel Ngan/AFP via Getty Images
The White House is set to welcome America’s oil industry leaders on Friday as President Donald Trump is anticipated to unveil his strategy for a post-Nicolas Maduro Venezuela, with a significant focus on revamping its oil sector.
The president, who mentioned that a recovery initiative for Venezuela may necessitate years of American engagement, informed Fox News’ Sean Hannity on Thursday that the U.S. would be “managing the oil” and projected “at least $100 billion” in investment from leading corporations.
“We’re going to restore the oil and its infrastructure, and we will oversee it,” Trump stated. “It’s going to thrive, generate substantial profits, and we’ll take it from there, but we’re committed to rebuilding the nation. Ultimately, elections will take place.”
A White House representative informed ABC News that Secretary of State Marco Rubio, who has spearheaded the administration’s Venezuela strategy, will be present at the meeting, which will feature Chevron, Exxon, Conoco Phillips, Continental, Halliburton, HKN, Valero, Marathon, Shell, Trafigura, Vitol Americas, Repsol, Eni, Aspect Holdings, Tallgrass, Raisa Energy, and Hilcorp.
A few of these companies are based in Europe.
President Donald Trump addresses House Republicans at their annual issues conference retreat, at the Kennedy Center in Washington, January 6, 2026.Kevin Lamarque/Reuters
Just hours after U.S. aircraft returned from a bold operation in Caracas aimed at capturing Maduro and bringing him to the U.S. for trial, Trump highlighted oil as the cornerstone of the U.S. strategy, insisting that American oil firms would swiftly capitalize on a market now favorable to them, generating income for the U.S. energy sector and fostering positive relations with Venezuela. Both Trump and Rubio have asserted that these revenues would ultimately aid the Venezuelan populace, approximately 82% of whom live in poverty, as reported by the United Nations in 2024.
A risky proposition for private industry
Experts conveyed to ABC News that the plan’s significant dependence on the private American oil sector poses a precarious decision for the industry to operate in a nation perceived by some as more unstable and unpredictable following the ousting of its president.
“The primary concern for all oil companies will be assessing the prospects for political stability – a lasting political stability – that, by the way, must endure much longer than the Trump administration,” remarked Clayton Seigle, a senior fellow at the Centers for Strategic and International Studies specializing in energy security.
On Tuesday, the White House announced that Venezuela would be relinquishing 30 to 50 million barrels of oil to the U.S., which would then market the crude and deposit the proceeds in American accounts.
Rubio elaborated on Wednesday about a three-stage strategy, encompassing stabilization in Venezuela, economic revival, and ultimately, a political transition there.
“They recognize that the only method to transport oil and generate revenue without leading to economic collapse is through cooperation and collaboration with the United States,” Rubio stated. “And that’s what we anticipate will occur.”
Rubio indicated that the U.S. would persist in enforcing a legal “quarantine” on illicit oil tankers navigating to and from Venezuela to compel Caracas to comply with Washington’s demands, mentioning the U.S. seizure of two such tankers this week. A third was captured Friday morning.
Secretary of State Marco Rubio, alongside Defense Secretary Pete Hegseth, addresses the media during a briefing for the House of Representatives on the situation in Venezuela, on Capitol Hill in Washington, January 7, 2026.Evelyn Hockstein/Reuters
Sourse: abcnews.go.com