President Trump pressured American oil companies on Friday to invest in rebuilding Venezuela's oil infrastructure, hours after his administration intensified efforts to control the country's oil exports. At a White House meeting with leaders from U.S. oil companies, Trump stated that they would invest at least $100 billion.

Energy Secretary Chris Wright specifically pressed Chevron's Vice Chairman, Mark Nelson, on what the company might be able to do in Venezuela within the next 18 months. Nelson indicated a potential path to increasing production by improving existing infrastructure. Other leaders, however, appeared less committed. Darren Woods, the chief executive of Exxon Mobil, stated, "We've had our assets seized there twice, and so you can imagine to re-enter a third time would require some pretty significant changes. Today it's uninvestable." Trump also directly questioned Harold Hamm, one of his closest oil-industry allies, about his company's potential involvement in Venezuela.

The meeting took place against a backdrop of increasing U.S. interest in Venezuela's oil reserves. The Trump administration has been actively seeking ways to influence the country's oil exports, particularly in light of the ongoing political and economic crisis in Venezuela. The U.S. government views control over Venezuelan oil as a strategic asset, potentially impacting global energy markets and regional stability.

The potential for U.S. oil companies to invest in Venezuela raises complex questions. Previous asset seizures, as highlighted by Exxon Mobil's CEO, create a climate of uncertainty and risk. The political instability within Venezuela adds another layer of complexity, making long-term investments particularly challenging. The willingness of U.S. companies to commit significant capital hinges on guarantees of security and a stable political environment.

The situation in Venezuela reflects a broader trend of geopolitical maneuvering around energy resources. As artificial intelligence (AI) enhances resource exploration and extraction, the strategic importance of these resources is likely to intensify. AI algorithms can analyze vast datasets to identify new oil reserves, optimize production processes, and even predict geopolitical risks associated with resource extraction. This capability could further incentivize nations to exert control over key energy-producing regions.

The meeting's outcome remains uncertain. While some executives expressed cautious optimism, others emphasized the significant risks involved. The next steps will likely involve further negotiations between the U.S. government, American oil companies, and potentially representatives from Venezuela, if a stable and recognized government emerges. The future of Venezuela's oil industry, and the role of U.S. companies within it, depends heavily on these ongoing discussions and the evolving political landscape. The current time in Caracas, Venezuela is 5:54 p.m. Jan. 9.