'Deal with us directly': Trump tells oil executives US, not Venezuela, will make decisions on Caracas' vast reserves

US President Donald Trump on Friday (Jan 9) urged top American oil executives to pour money into Venezuela's vast oil reserves, pitching the country as 'open for business' after the dramatic capture of former president Nicolas Maduro. The response from the industry, however, was cautious at best.

'Deal with us directly'

Speaking at the White House, Trump told executives that the United States, not Caracas, would decide which companies are allowed to operate in Venezuela. "We're going to be making the decision as to which oil companies are going to go in," he said. "(We're) going to cut a deal with the companies".

In attendance were Vice President JD Vance, Secretary of State Marco Rubio and Energy Secretary Chris Wright, alongside executives from Chevron, ExxonMobil, ConocoPhillips, Halliburton, Shell, Valero, Marathon, Trafigura, Vitol Americas and Repsol.

Trump argued that foreign firms had been exposed and unprotected under Maduro’s rule, but claimed that had now changed. "Now you have total security," he told the room. "It's a whole different Venezuela". He insisted that oil companies would "deal with us directly," making it clear that Washington intends to position itself as the gatekeeper to Venezuela's oil wealth, sidelining the oil-rich but cash-starved nation from decisions about exploiting its own resources.

How receptive were the oil executives?

Reports suggest that Trump's pitch was met with scepticism. According to AFP, Darren Woods, the chief executive of ExxonMobil, bluntly questioned the premise. "We've had our assets seized there twice," he said. "And so, you can imagine, to re-enter a third time would require some pretty significant changes."

"If we look at the legal and commercial constructs and frameworks in place today in Venezuela -- today, it's uninvestable," he added.

The meeting came less than a week after US forces captured Maduro, an operation Trump has openly linked to control over Venezuela's oil.