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Energy Executives Prepare for High-Stakes Meeting on Venezuela Oil Production

KVIA•Thursday, January 8, 2026 at 11:38 PM•CNN Newsource

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In anticipation of a critical meeting with President Trump, leading energy executives are strategizing to propose an increase in Venezuela's oil output by several hundred thousand barrels per day. This proposal hinges on the U.S. lifting sanctions that currently hinder production and providing necessary supplies for processing heavier crude oil. Executives from major companies like Chevron and Exxon are expected to attend, but there are concerns about the political stability in Venezuela and the risks involved in re-entering the market. While Trump has expressed confidence in revitalizing Venezuela's oil sector, industry leaders are cautious and emphasize the need for a phased approach to restore production levels.

Key Details: • Meeting with President Trump scheduled for Friday, with over a dozen energy executives attending. • Executives are discussing a potential increase of a few hundred thousand barrels per day, contingent on U.S. sanctions relief. • Venezuela's oil production fell from over 3 million barrels per day in 1999 to around 1 million barrels before recent political changes. • Independent oil companies are reportedly eager to invest in Venezuela despite major firms' hesitance.

trump sanctions venezuela energy oil

People & Organizations

Donald TrumpVenezuelaChris WrightScott BessentLuisa PalaciosCitgoChevronExxonConoco

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