Trump claims oil firms have pledged $100bn for VenezuelaListen to this articleVenezuela has about a fifth of the world's oil reserves, but years of sanctions and underinvestment mean it accounts for only about one percent of global production. (Photo: AFP)WASHINGTON - US President Donald Trump met with the heads of major oil companies on Friday after saying the world's biggest producers have pledged $100 billion to revive Venezuela's oil sector. The Trump administration has repeatedly said it is running Venezuela, with Wright asserting that Washington will control the country's oil industry "indefinitely." In his first term, Trump imposed an oil embargo aimed at economically suffocating Venezuela, which heavily depends on crude exports. Washington now says it is "selectively rolling back sanctions" to enable the sale and transport of Venezuelan crude oil on global markets.

Source: Bangkok Post January 10, 2026 14:07 UTC