US eyes Venezuela oil talks after Maduro abduction, but industry signals caution

The Trump administration is preparing to meet with US oil executives later this week to discuss reviving Venezuela’s oil production, days after US forces abducted President Nicolás Maduro, according to a Reuters report citing unnamed sources.

The talks are central to Washington’s ambition to bring major US energy companies back into Venezuela, nearly two decades after Caracas took control of US-led operations. Officials see a pathway to restoring output from a country with the world’s largest proven reserves, but industry sources say the road is far longer and more uncertain than the White House suggests.

Crucially, the three biggest US oil firms, Exxon Mobil, ConocoPhillips and Chevron, have not yet held discussions with the administration about operating in Venezuela, according to four industry executives familiar with the matter. That directly contradicts statements by US President Donald Trump over the weekend claiming he had already met with “all” US oil companies before and after Maduro’s removal.

“Nobody in those three companies has had conversations with the White House about operating in Venezuela, pre-removal or post-removal, to this point,” one source said on Monday.

The planned meetings are meant to explore how to boost crude production and exports from Venezuela, a former OPEC member whose heavy crude can be processed by specialised US refineries. Analysts say achieving meaningful increases would take years of work and billions of dollars in investment after years of neglect, sanctions and infrastructure decay.

It remains unclear which executives will attend, or whether companies will meet with the administration individually or in a group setting.

The White House declined to comment directly on the meetings but projected confidence that the industry is ready to move quickly.

“All of our oil companies are ready and willing to make big investments in Venezuela that will rebuild their oil infrastructure, which was destroyed by the illegitimate Maduro regime,” said White House spokesperson Taylor Rogers.

Exxon, Chevron and ConocoPhillips did not immediately respond to Reuters’ requests for comment.

One oil executive cautioned that companies would be reluctant to discuss Venezuela plans collectively with the White House, citing antitrust rules that restrict competitors from coordinating on investment timelines, production levels or market strategy.

The political backdrop adds further risk. US forces carried out a pre-dawn raid in Caracas on Saturday, arresting Maduro and transferring him to the United States to face narcoterrorism charges.