As the White House prepares to meet with top U.S. oil companies about Venezuela’s oil sector, U.S. Energy Secretary Christopher Wright outlined what could happen next for the crude-rich country and what timetable producers might have to meet to help develop its resources.
“Of course we would like to go back to Venezuela. You know, it was American companies that started their oil and gas industry – Chevron has been there for over 100 years,” Wright said. Maria Bartiromo of FOX Business THURSDAY. “When they were the fourth largest country in the world per capita in 1950, it was because of American capital, American ingenuity, the development of these resources in partnership with Venezuela.”
“You’re probably going to see rapid growth in Chevron’s business there. You’re going to see Conoco and Exxon and dozens of other American companies immediately asking, ‘Hey, what constructive role can we play?’ How can we provide a little bit of help to existing operations?” he continued. “They’re going to work to look at what’s going on in the industry and what productive advice and help can they provide on that.”
President Donald Trump plans to meet with leaders On Friday, representatives of major U.S. oil companies confirmed that administration officials would discuss the growing involvement of U.S. industry in Venezuela’s energy sector following recent actions there.
Fall of Venezuela echoes collapse of Berlin Wall, says expert whose parents fled Soviet Union
Chevron is currently the only major U.S. oil company operating in Venezuela, while ConocoPhillips and ExxonMobil operated there before their assets were nationalized under Hugo Chávez more than a decade ago.
U.S. Energy Secretary Chris Wright arrives for an event at the Mount Airy Casino Resort in Mount Pocono, Pa., Tuesday, Dec. 9, 2025. (Getty Images)
“The biggest problem with this meeting is that there are so many people [are] I’m disappointed that we didn’t invite them to come as well,” Wright said. “The Americans are very interested in seeing how we can help the United States government, how can we help solve the problem in Venezuela – that not only has the situation been difficult for Venezuela, but it has also hit our shores, our cities, our countryside. A collapsed state in the Western Hemisphere is bad for America. »
Venezuela’s oil production has fallen sharply over the past two decades due to underinvestment, mismanagement, sanctions and infrastructure degradation, from about 3.5 million barrels per day in the late 1990s to about 1.1 million barrels per day by the end of 2025. President Trump said the United States would oversee Venezuelan oil sales as part of broader efforts to support the country’s transition after the dismissal of Nicolas Maduro.
“You can sell oil with the United States, or you can’t sell oil,” Wright said.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
“[Venezuela is] by choosing: “Maybe we should work with the United States.” So this oil, we’re letting it flow again, it’s being marketed by the United States government,” he added, “the money is going to flow into accounts, and then, of course, they will get greater oil revenue than before. And then this money will be returned to Venezuela. And now we have some great incentives lined up. Let’s put an end to crime, displacement, and destructive behavior toward American citizens and try to move Venezuela in the right direction. »
Asked how long the oil transition might take, Wright said it would happen “pretty quickly,” predicting that Venezuela’s production could increase from about 800,000 barrels per day to well over a million as companies recommit and invest in infrastructure.
READ MORE ON FOX BUSINESS
Edward Lawrence and Eric Revell of FOX Business contributed to this report.
