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US Pushes Oil Majors to Invest Big in Venezuela if They Want to Recover Debts
A demonstrator uses a megaphone during a protest against US military action in Venezuela, at Lafayette Square in front of the White House, following US President Donald Trump’s announcement that the US military has struck Venezuela and captured its President Nicolas Maduro and his wife Cilia Flores, in Washington, D.C., U.S., January 3, 2026. Photo: REUTERS/Tyrone Siu
White House and State Department officials have told US oil executives in recent weeks that they would need to return to Venezuela quickly and invest significant capital in the country to revive the damaged oil industry if they wanted compensation for assets expropriated by Venezuela two decades ago, according to two people familiar with the outreach.
In the 2000s, Venezuela expropriated the assets of some international oil companies that declined to give state-run oil company PDVSA increased operational control, as demanded by late Venezuelan President Hugo Chavez.
US oil major Chevron was among companies that negotiated to stay in the country and form joint ventures with state-run PDVSA, while rivals Exxon Mobil and ConocoPhillips left and filed for arbitration.
President Donald Trump said on Saturday that American companies were prepared to return to Venezuela and spend billions to reactivate the struggling oil sector, just hours after President Nicolás Maduro was captured and removed by US forces.
In the recent US administration discussions with oil executives in the scenario that Maduro was out of power, officials have said that US oil companies would need to front the investment money themselves to rebuild Venezuela’s oil industry. That would be one of the preconditions for them eventually recovering debts from the expropriations.
That would be a costly investment for firms such as ConocoPhillips, the sources said. Conoco for years has tried to recover some $12 billion from the Chavez-era nationalization of its Venezuela assets. Exxon Mobil also filed international arbitration cases, trying to recover $1.65 billion.
Trump began making public reference to the Venezuelan expropriations when he ordered a blockade of sanctioned oil tankers last month.
CONDITIONS FOR A RETURN
Whether or not the companies return would depend on how executives, boards and shareholders evaluate the risk of renewed investment in Venezuela, the sources said.
“ConocoPhillips is monitoring developments in Venezuela and their potential implications for global energy supply and stability. It would be premature to speculate on any future business activities or investments,” a company spokesperson said in emailed comments to Reuters on Saturday. The company reiterated the statement on Sunday when asked about discussions with administration officials for this story.
Exxon did not immediately respond to questions from Reuters on Sunday.
Politico first reported on the recent discussions on Saturday.
Even if companies do agree to return to the country, it could be years before there is a meaningful boost to oil output. The South American country has one of the largest estimated reserves in the world, but production has plummeted over past decades amid mismanagement, lack of investment and US sanctions.
Besides uncertainty surrounding the contract framework for any operations there, companies considering a return would also need to deal with security concerns, poor infrastructure, questions about the legality of the US operation to capture Maduro and the possibility of long-term political instability, analysts have told Reuters.
Venezuela, a founding member of OPEC, produced as much as 3.5 million barrels per day in the 1970s, which at the time represented over 7 percent of global oil output. Production fell below 2 million bpd during the 2010s and averaged around 1.1 million bpd last year, or just 1 percent of global production.
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9 Israeli Soldiers Injured in Lebanon Fighting, 2 in Serious Condition
Two IDF soldiers. Photo: IDF.
i24 News – Two Israeli officers were seriously wounded and seven additional soldiers injured in two separate incidents in southern Lebanon, the Israel Defense Forces (IDF) said.
According to the military, the first incident occurred during the morning hours amid an encounter between Israeli forces and armed militants operating in the area.
During the engagement, an anti-tank missile was launched toward deployed troops, which the IDF said was fired by Hezbollah operatives. Two officers were struck in the attack, with one sustaining serious injuries and the second moderately wounded.
A second incident took place overnight in a separate sector of southern Lebanon, when Israeli forces operating in the area came under rocket fire. In that strike, one officer was seriously wounded and six soldiers were moderately injured, the IDF said.
The incidents come amid ongoing cross-border hostilities between Israel and Hezbollah, marked by repeated exchanges of fire and periodic ground confrontations in southern Lebanon.
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Report: Some 30 US Troops Injured in Iranian Attacks on Prince Sultan Air Base in Saudi
Screenshot of video of Saudi Arabia’s Air Force intercepts Iranian drones over Saudi airspace. Photo: Saudi Defense Ministry / Screenshot
i24 News – Over 12 US troops have been injured in Iranian attacks on a Saudi air base in the past week, the Associated Press reported on Saturday citing two people who have been briefed on the matter.
On Friday, the Islamic Republic launched six ballistic missiles and 29 drones at Saudi Arabia’s Prince Sultan air base, wounding at least 15 troops, including five seriously, according to the sources who spoke to AP on the condition of anonymity.
US officials initially reported that at least 10 US troops were injured, including two seriously wounded.
The base had come under attack twice earlier this week, including an incident that injured 14 US troops, according to the people who had been briefed on the matter.
Located some 100 kilometers from the Saudi capital of Riyadh, the base is run by the Royal Saudi Air Force, but is also used by US troops.
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At CPAC, a Generational Divide Over Republican Support for Israel
Gabriel Khuly, 19, and Joshua-Caleb Barton, 31, pose for a picture outside Generation Zion’s booth at the Conservative Political Action Conference (CPAC) USA 2026 at the Gaylord Texan Resort and Convention Center, in Grapevine, Texas, U.S., March 27, 2026. Picture taken with a mobile phone. REUTERS/Nathan Layne
When former Congressman Matt Gaetz opened his speech by aligning with a Republican faction “loyal to only one nation,” his message to the Conservative Political Action Conference was clear: It was a veiled swipe at perceived Israeli influence over US politicians, even without naming Israel outright.
A month into the US-Israeli war with Iran, Gaetz’s comments struck a discordant note at the annual CPAC event. They cut against calls for unity and exposed a growing Republican rift largely along generational lines, as younger conservatives increasingly question support for Israel.
That skepticism reflects a broader distrust of military intervention among younger Republicans, fueled in part by conservative figures such as Tucker Carlson, whose allegations of excessive Israeli influence on US policy have drawn accusations that he is stoking antisemitism. Carlson has repeatedly denied accusations of antisemitism.
The Iran war, including Israel’s role in it, emerged as one of the main flashpoints at CPAC, which for decades has served as a central gathering for Republican politicians and activists.
Jack Posobiec, a conservative commentator and online influencer, said age 45 is a dividing line, with the younger cohort more likely to question the party’s steadfast support of Israel.
“People want to paint it off as if it’s antisemitism, but I don’t think that’s what it is,” Posobiec told Reuters. “It’s just a question of: Why? What is the purpose of this relationship? And I hear that a lot from young voters.”
The issue has roiled the Democratic Party in recent weeks, with some lawmakers and primary candidates distancing themselves from the pro-Israel lobbying group AIPAC amid growing unease over Israel’s military actions.
It is now exposing fault lines among Republicans as well, turning off young voters who helped propel Trump to victory in 2024 and potentially complicating the party’s efforts to defend slim majorities in the Senate and House of Representatives heading into November’s midterm elections.
Noah Bundy, 17, and Ryder Gerrald, 18, conservative friends from Georgia attending their first CPAC, said they opposed the war with Iran and questioned whether the military operation put Israel’s interests ahead of America’s.
“I think they totally pushed us into a war with Iran,” Bundy said. “My whole family is military and none of us is really for it.”
“Our younger generation, we don’t like Israel as much compared to the older generation,” said Gerrald. He said he would prefer redirecting US taxpayer dollars toward domestic priorities, rather than spending to bolster Israel’s military.
EVANGELICAL SUPPORT FOR ISRAEL
The party’s pro-Israel stance, however, resonates strongly with evangelicals – a pillar of Trump’s political base – and with older voters like Harry Strine III, an 83-year-old CPAC attendee who was wearing a red “Make America Great Again” hat.
“Israel is God’s people,” Strine said. “The US was founded on the Judeo-Christian belief. I guess I’m a traditionalist.”
On the conference’s opening day, Rev. Franklin Graham said that, by striking Iran to protect Israel, President Donald Trump was like the biblical figure of Esther, a Jewish queen who, according to scripture, was elevated by God to save her people from annihilation in ancient Persia.
“I believe God has raised him up for a time such as this, like Queen Esther,” said Graham, a prominent Christian evangelist, invoking a core evangelical belief that the modern state of Israel represents the fulfillment of biblical prophecy.
But unease over the Iran war and rising gasoline prices has pushed Trump’s approval rating down to 36% – its lowest since his return to the White House – a Reuters/Ipsos poll completed on Monday found. Support among his core base remains strong, however, with 74% of Republicans backing the strikes on Iran.
The debate over Israel coincides with a broader Republican fight over the future of the MAGA movement and who belongs in it. Allegations of antisemitism flared at a December event organized by Turning Point USA, a nonprofit focused on promoting conservative politics. At its first national event since founder Charlie Kirk’s death, commentator Ben Shapiro criticized fellow conservatives for associating with figures like white nationalist streamer Nick Fuentes, who has praised Hitler.
In his CPAC speech on Thursday, Gaetz said he did not agree with Shapiro and other conservative commentators “that we have some sort of near slavish loyalty to a country in a faraway land,” an apparent reference to Israel.
He argued that conservatives needed to allow for disagreements and that “antisemitism isn’t hiding around every corner and in every bush.”
Visitors to the CPAC booth of Generation Zion, a nonprofit group that trains young Christians and Jews to advocate for Israel and to combat antisemitism, could pick up a sticker reading “Tucker Carlson Hates Me,” a rebuke of the commentator’s recent criticism of Christian Zionism and Israel’s alleged sway over U.S. politics.
Gabriel Khuly, a 19-year-old volunteer for the group, said that while the Republican Party has an antisemitism problem, it is driven by a small minority with an outsized voice online.
“The actual anti-Israel, antisemitic wing of the Republican Party, I think, makes itself seem a lot bigger than it really is.”
