Oilfield services group SLB is in position to win some of the first contracts under Donald Trump’s plan to revive Venezuela’s ailing oil industry, capitalising on its century long presence in the Caribbean nation.

Texas oilman Rod Lewis has made millions drilling in places even other wildcatters find too dangerous.But when he flew to Venezuela in 2024, he encountered an opportunity that was as treacherous—and possibly as profitable—as any in the world.

Exxon stock hit a record on Tuesday, rising 1.5% to $125.94. The oil giant is winning the hearts of investors, even as it’s getting the cold shoulder from the president.

Exxon stock hit a record as investors backed the oil giant’s cautious stance on Venezuela, even as President Trump signaled frustration over its hesitation.

As other oil executives lavished President Trump with praise at the White House, Exxon Mobil CEO Darren Woods bluntly said the Venezuelan oil industry is currently “uninvestable,” and that major reforms are required before even considering committing the many billions of dollars required to revitalize the country’s dilapidated crude business.

President Donald Trump is set to meet with Big Oil executives Friday as part of a weeklong charm offensive to persuade America’s largest energy companies to return to Venezuela.

President Trump wants to drive down oil prices to $50 a barrel. Getting to that price appears doable with Venezuela, though keeping it there comes with risks.The good news for the administration is that, if the real goal is to lower gasoline prices for U.S. consumers, global oil prices might not need to come down that much.

How AI, geopolitics, and policy uncertainty will redefine energy markets and capital strategy in 2026—and where opportunity emerges.

Venezuela was 2026’s first geopolitical wildcard.

Dan Pickering Joins Bloomberg Surveillance with Jonathan Ferro and Annmarie Hordern

President Trump signaled major changes in Venezuela weeks before Nicolás Maduro’s ouster, highlighting oil’s central role in U.S. strategy and energy policy.

This report dives into U.S. policy, its appetite for new power to promote data centers and AI growth, and the downstream impacts that has on the automotive industry and their powertrain choices.

The quest for inventory, size, scale, and value marches ahead

CNBC’s “Power Lunch” team discuss oil markets as crude oil prices reach their 2021 low with Dan Pickering, founder and chief investment officer of Pickering Energy Partners.

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