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Wary US Oil Giants Dodge Venezuela Investment Pitch

Sputnik – 10.01.2026

American oil majors left a White House meeting without signing up for a fast money push into Venezuela’s oil sector following the capture of the country’s legitimate President Nicolas Maduro, reports Axios.

The Trump administration has floated a $100 billion investment figure, promising “security” and “direct deals” with the US. But executives kept their distance.

  • Exxon CEO Darren Woods bluntly called Venezuela “uninvestable” under current legal and commercial conditions
  • ConocoPhillips’s Ryan Lance stressed the need to talk with banks — likely including the US Export-Import Bank – on how to restructure debt “to deliver the billions of dollars that are required to restore their energy infrastructure”
  • Chevron — the only US major still operating in Venezuela — stuck to cautious language, focusing on employee safety and “compliance with all laws and regulations applicable to its business, as well as the sanctions frameworks provided for by the US government”

A handful of independents reportedly signaled interest, but with Venezuela’s output at around 800,000 barrels per day – still far below its past peaks – and legal risks front of mind, Wall Street’s oil titans aren’t exactly racing back in.

Getting back to the 3.5 million barrels per day level of the late 1990s could require much more than $100 billion worth of investment over a significant number of years, according to analysts cited by the outlet.

Oil prices are currently low, with WTI crude hovering around $59 per barrel, which also plays a significant factor in the reluctance — major investments in Venezuela’s heavy crude projects would require much higher sustained prices to justify the risks and capital investments.

January 10, 2026 - Posted by | Wars for Israel | ,

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