Name: Major oil companies to meet with Trump admin, sources say
Uploaded: 2026-01-06T15:08:43.728Z
Duration: 3 min 26 s
Description: Trump administration officials are set to meet with representatives from Chevron, ConocoPhillips and Exxon to discuss Venezuela, two sources tell CBS News. Aaron Navarro reports.

Trump administration officials are set to meet with representatives from Chevron, ConocoPhillips and Exxon to discuss Venezuela, two sources tell CBS News. Aaron Navarro reports.

Washington

Executives from major U.S. oil companies, including Chevron, ConocoPhillips, and Exxon, are scheduled to meet with Energy Secretary Chris Wright and other Trump administration officials to discuss investment opportunities in Venezuela. The administration has indicated that expanding U.S. oil operations in Venezuela is a priority, with President Trump suggesting that such operations could be up and running in under 18 months. 

Members of Congress have expressed differing views on U.S. involvement, with some emphasizing respect for Venezuelan sovereignty and others criticizing the administration's focus on oil interests. President Trump stated that the U.S. is not at war with Venezuela but is targeting criminal activities linked to the Maduro regime. He also indicated that new elections in Venezuela are not expected soon and outlined which administration officials would oversee U.S. engagement in the country.

Major oil companies to meet with Trump admin, sources say

CBS News White House reporter Aaron Navarro joins us now. Good morning, Aaron. We know that CBS News has learned major oil companies will, the executives of major oil companies, will meet with the Trump administration this week. They will discuss what comes next in Venezuela. What questions are they likely to have? Yeah, good morning, Errol Chevron, Canoco Phillips, and Exxon. We'll meet with Energy Secretary Chris Wright and other administration officials this Thursday, and they may have a lot of questions for the administration on what exactly they want in terms of investment in Venezuela, as that is crucial to the administration's stated goal of improving economic conditions in the country to the benefit of the U.S. and potentially lower gas prices. But oil in Venezuela has been under state control since the 1970s. In an interview yesterday, President Trump said that he did give hints to oil companies that there would be action in Venezuela, though did not get into specifics. And he also claimed he believes the U.S. oil industry can get expanded operations in Venezuela running in less than 18 months. But members of Congress who you just heard from, some of whom were briefed yesterday by top administration officials, have thoughts on how the administration should deal with oil in the country. Take a listen to them here. If you wanna make it better, you should be saying as soon as possible, this is your country, we're gonna let you make decisions on the oil. We aren't coming to take your oil. We aren't coming to tell you what to do. Donald Trump is saying out loud that it's just about the oil. He just wants his rich oil industry friends, who he promised to help in exchange for a billion dollar contribution to his campaign, to have access to Venezuelan oil. Now, oil companies have not committed publicly to the sort of mass buildup that President Trump has talked about. Chevron, which is the lone U.S. company that has remained in Venezuela since oil became under state control, declined to comment on any plans that they will scale up production, but said that the company, quote, remains focused on the safety and well-being of our employees. The White House remains confident, quote, in a statement, all of our oil companies are ready and willing to make big investments in Venezuela. And Aaron, first, though, the country's oil refineries will need to be improved. There are questions as to what the U.S.'s role will be there next. And President Trump spoke with NBC News yesterday insisting that the U.S. is not at war with Venezuela. So what else did he have to say? Yeah, he said, quote, we're at war with people that sell drugs. We're at war with people that empty their prisons into our country, making claims of Venezuela under the Maduro regime. He also said that Venezuela will not have new elections in the next 30 days, signaling it'll be a longer-term engagement. He said, quote, we have to fix the country first. There's no way the people in Venezuela could even vote. He indicated the U.S. could launch a second military incursion into Venezuela if the new interim president, Delcy Rodriguez, stops cooperating with U.S. officials, but said he does not think that'll be necessary. He gave some more details about who from the administration at the White House will be tasked with, quote, running Venezuela. He listed Vice President Vance, Secretary of State Marco Rubio, Deputy White House Chief of Staff Stephen Miller, and Defense Secretary Hegseth. And lastly, he denied that Machado winning the Nobel Peace Prize played a role in him believing that she does not have the support in the country to become its new leader. Interesting details there. Aaron Navarro with the latest. Aaron, thanks.

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