US President Donald Trump is calling on oil executives to accelerate investment in Venezuela as the White House seeks to secure $100 billion to revive the country’s oil production. The move follows a US military operation to capture former Venezuelan leader Nicolás Maduro.
Trump urges Big Oil to take the plunge
Trump has portrayed the operation as an economic opportunity for the US, including taking control of sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil.
During a meeting with oil industry executives on Friday, Trump assured them they would have “total safety” investing in Venezuela, stating, “You’re dealing with us directly and not dealing with Venezuela at all. We don’t want you to deal with Venezuela.” He added that companies would not need government money but would require government protection.
The president indicated security would be provided through cooperation with Venezuelan leaders and by companies bringing in their own security personnel. He acknowledged the risks involved, noting the oil executives were experienced in operating in challenging environments.
ExxonMobil CEO Darren Woods stated that the current commercial and legal frameworks in Venezuela are “uninvestable,” requiring significant changes, durable investment protections, and revisions to hydrocarbon laws.
Companies invited to the White House included Chevron, ExxonMobil, ConocoPhillips, Halliburton, Valero, Marathon, Shell, Trafigura, Eni, and Repsol.
Venezuela’s oil production has fallen below one million barrels a day. Trump expressed confidence that Big Oil was ready to invest, but acknowledged the inherent risks.
He also suggested that without US involvement, China or Russia would have stepped in to control Venezuela’s oil industry.
Trying to restore diplomatic ties
The United States and Venezuela are exploring the possibility of restoring diplomatic relations, with a US delegation arriving in Venezuela on Friday to assess the potential reopening of the US Embassy in Caracas.
Trump announced plans to meet with Maria Corina Machado, Venezuela’s opposition leader, next week, and with Colombian President Gustavo Petro in early February.
Despite previously questioning Machado’s leadership, Trump has invited her to the White House. He also urged Petro to address the flow of cocaine into the US, having recently adopted a more conciliatory tone after a phone call with the Colombian president.
The apparent detente between the two leaders reflects shared interests, with Colombia relying on US military aid and the US depending on Colombia for counter-narcotics intelligence.
AP
Discover more from Archyworldys
Subscribe to get the latest posts sent to your email.
