President Donald Trump wants U.S. oil majors to rush roughly $100 billion into reviving Venezuela’s battered petroleum industry after Nicolás Maduro’s ouster, but the companies he’s leaning on are far less enthusiastic about moving at that pace, The Wall Street Journal writes.
Chevron—the only American producer currently operating in the country—is caught between political pressure and financial reality.
Executives say they could boost output quickly, yet they’re reluctant to commit to multibillion-dollar investments without legal certainty, stable governance, and oil prices high enough to justify the risk. Trump’s goal of pushing crude toward $50 a barrel would likely make Venezuela’s heavy oil unprofitable.
The standoff is becoming a test for Chevron CEO Mike Wirth, who must balance a president eager for a rapid revival with shareholders who prefer safer bets elsewhere. Other producers are watching closely to see whether Washington can “de-risk” Venezuela enough to make it investable.
