Here's an ironic twist in the Venezuela oil story: President Donald Trump spent weeks hyping massive US investments in the country's oil sector, but when actual deals started getting done, the winners weren't American companies at all.

European and Asian Traders Strike First

The first firms to lock down Venezuelan crude business were Dutch trader Vitol and Singapore-based Trafigura, according to Reuters. Both secured preliminary special licenses from the US government allowing them to negotiate and export Venezuelan oil, with Trafigura preparing to load its first cargo this week. These traders competed directly with Chevron Corp (CVX) for the supply agreements.

The US government selected these international trading houses to quickly restart Venezuelan oil exports, a necessary first step before any larger reconstruction efforts can begin. Washington and Caracas are close to finalizing a $2 billion agreement to sell up to 50 million barrels of stranded Venezuelan crude to US refiners and other buyers. This would unlock oil that's been stuck due to the sanctions blockade.

The White House explained that these initial sales are crucial for channeling funds back into Venezuela for basic services while establishing a framework for steady production, sales, and refining operations.

Big Oil's Cold Feet

This development is particularly interesting given Trump's recent push for US oil companies to invest $100 billion in Venezuela's oil sector following the removal of President Nicolás Maduro. The problem? Several oil giants aren't buying it.

Major US companies have expressed deep skepticism about investing in Venezuela amid ongoing uncertainty and the absence of strong legal and commercial reforms. Trump is reportedly unhappy with Exxon Mobil's (XOM) response and is considering excluding the company from the initiative entirely. That hesitation from US majors created the opening that Vitol and Trafigura exploited to secure these lucrative deals.

Chevron (CVX) stands as the notable exception. As the only US oil company currently operating in Venezuela under a sanctions waiver, Chevron struck a decidedly upbeat tone about the country's prospects. Vice Chair Mark Nelson said Chevron could lift output by roughly 50% over the next 18 to 24 months by maximizing existing assets and infrastructure.

So while Trump envisioned American oil companies rushing into Venezuela with checkbooks open, the reality looks more like cautious US majors watching from the sidelines as nimble international traders grab the first opportunities.