Marketwatch | Friday, January 9, 2026 
Trump says Big Oil will invest $100 billion in Venezuela as Chevron, Exxon and other major players visit White House

A handful of U.S. oil companies could benefit from expansion into Venezuela. President Donald Trump has called on major energy companies, traders, refiners and others to the White House Friday to be part of his ambitions for Venezuela, as the future of that country’s major asset, crude oil, is at stake. Industry giants slated to attend include U.S. integrated oil companies Chevron Corp. , whose refineries in the Gulf Coast are among those tailor-made to handle Venezuela heavy crude. The meeting is expected to begin at 2:30 p.m. Eastern. Shortly before the start, Trump posted on Truth Social that a “very big factor” in the U.S. involvement with Venezuela “will be the reduction of oil prices for the American people” as well as stopping “drugs and criminals coming into the United States of America.” Venezuela’s oil industry has been crumbling for years, with oil production dwindling to about one million barrels a day from some three million two decades ago. U.S. oil companies have been hit in the past by that country’s waves of expropriations under then-President Hugo Chávez in the 2000s and continued under Nicolás Maduro. A swift U.S. military operation on Saturday landed Maduro in American custody, opening up the country for U.S. intervention. Don’t miss: What’s at stake for investors when...Read more