American interests made the first major Venezuelan oil discoveries over a hundred years ago. Also Read | As Trump looks to crowd in US investments, why Venezuela oil may be a hard sellSince then, Venezuela has had a chequered history with the West. US oil companies Exxon and Conoco sued Venezuela in international courts and secured compensatory awards of over $10 billion, which are yet to be paid. The Western oil companies are regarded with suspicion, as part of some neo-colonial conspiracy to grab the oil riches and keep Venezuela poor. Notwithstanding Venezuela’s immense reserves, US companies do not have much appetite for any major new investment there.

Source: Indian Express January 09, 2026 06:07 UTC