Washington: Senior executives from major United States oil companies say the Trump administration did not consult them before announcing plans linked to Venezuela’s oil sector, despite public statements suggesting otherwise. The comments have highlighted a gap between political messaging and industry reality at a time of intense focus on Venezuela’s vast energy resources.
Oil industry leaders confirmed that there were no formal discussions with companies such as Chevron, Exxon Mobil or ConocoPhillips before the administration signalled its intention to open Venezuela’s oil industry to greater US involvement. Executives said meetings are now being arranged with officials in Washington, but these will take place only after major policy statements have already been made.
President Donald Trump has repeatedly said US energy companies could play a key role in rebuilding and expanding Venezuela’s oil production. He has spoken of large scale investment and the possibility of restoring output in a country that holds some of the world’s largest proven crude reserves. However, industry sources say companies were not asked for input on feasibility, risks or timelines.
Chevron is currently the only major US oil firm still operating in Venezuela under special licenses. It exports limited volumes of crude to US refineries, mainly along the Gulf Coast. Other major companies lost assets in Venezuela years ago after nationalisation and remain cautious because of unresolved compensation claims and legal disputes.
Executives say Venezuela’s oil infrastructure is in poor condition after years of underinvestment, sanctions and mismanagement. Bringing production back to levels that would significantly affect global markets would require billions of dollars and several years of work. They also point to ongoing uncertainty around sanctions policy, ownership rights and political stability.
Financial markets reacted positively to recent statements from Washington, with shares of some US energy companies and refiners rising on expectations of future access to Venezuelan crude. Analysts caution, however, that investor optimism may be running ahead of practical realities on the ground.
Despite strong political signals, US sanctions on Venezuela remain formally in place. Any expansion of oil operations would depend on changes to these restrictions, as well as clear legal frameworks that protect foreign investment. Industry leaders stress that without clarity on these issues, companies are unlikely to commit large sums of capital.
The situation is further complicated by Venezuela’s existing ties with non US partners, including China, which has remained a major buyer of Venezuelan oil in recent years. This adds a geopolitical dimension to any effort by Washington to reshape the country’s energy sector.
As talks between the administration and oil executives begin in the coming days, companies are expected to press for realistic assessments rather than political promises. For now, the message from the industry is cautious: interest exists, but confidence will depend on policy clarity, legal certainty and long term stability rather than bold statements alone.