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“I didn’t like Exxon’s response,” Trump said to reporters on Air Force One as he departed West Palm Beach, Fla., on Jan. 11. “They’re playing too cute.”

President Donald Trump called on oil executives to rush back into Venezuela as the White House looks to quickly secure $100 billion in investments to revive the country's petroleum reserves.

Among the companies attending are Chevron, which still operates in Venezuela, and Exxon Mobil and ConocoPhillips, which both had oil projects in the country that were lost in 2007.

“We are marching forward as though this emissions regulation lands at the beginning of 2027,” said Dan Kayser, executive vice president of commercial operations at International.

General Motors will take another $6 billion in charges tied to production cutbacks in its EV and battery operations as the financial fallout spreads from the weakening U.S. market for EVs.

Chevron, the sole Western supermajor permitted to pump Venezuelan oil, is loading tankers at the fastest pace in seven months as the U.S. government moves to control the nation’s crude riches. 

Many exhibitors and speakers at CES highlighted the shift toward software-defined vehicles that can be upgraded over time through remote updates without requiring hardware changes.

Oil companies are wary of spending tens of billions of dollars into the country over the next decade and are looking for guarantees of physical and financial security amid stability concerns.

Freight costs have dropped sharply and the cheaper shipping environment is encouraging U.S. crude to move offshore, supporting physical crude prices.