Trump Pushes U.S. Oil Firms to Rebuild Venezuela's Industry, Controls Crude Sales

President Trump convened major U.S. oil executives to promote investment and reconstruction of Venezuela's oil sector, advocating U.S. companies assist rebuilding its degraded infrastructure for restored production.

Venezuela's state oil company PDVSA is negotiating crude sales with the U.S.; the administration eased sanctions, seized tankers and plans to transfer 30–50 million barrels for U.S. market sale.

Administration officials value the oil transfers between $1.7 billion and $3 billion; Trump said revenues must buy exclusively American products and instructed Energy Secretary Chris Wright to execute plans immediately.

Exxon Mobil and ConocoPhillips press large compensation claims from expropriations under Hugo Chávez—roughly $20 billion and $12 billion respectively—posing legal and financial barriers to new investment.

Chevron remains the sole major U.S. operator in Venezuela; the U.S. aims to control sales, stabilize markets, address creditor claims and entice firms to help restore output amid serious infrastructure needs.