Bosses of the biggest US oil firms who attended the meeting acknowledged that Venezuela, sitting on vast energy reserves, represented an enticing opportunity. Venezuela has had a complicated relationship with international oil firms since oil was discovered in its territory more than 100 years ago. A handful of companies from other countries, including Spain's Repsol and Italy's Eni, both of which were represented at the White House meeting, are also active. The White House has said it is working to "selectively" roll back US sanctions that have restricted sales of Venezuelan oil. Venezuela's oil production has been hit in recent decades by disinvestment and mismanagement - as well as US sanctions.

Source: The Star January 10, 2026 09:15 UTC