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president Donald Trump set to Meet with oil industry executives They held a meeting at the White House after U.S. forces captured the former Venezuelan president, hoping to convince them to devote their companies’ resources to reviving Venezuela’s oil industry.
Trump said in “Truth Society” post “Big Oil” Leaders to invest ‘at least $100 billion’ Venezuela Committed to “rebuilding its oil and gas infrastructure in a bigger, better and more modern form.”
He also claimed that Washington and Caracas have been “cooperating well” on rebuilding Venezuela’s oil industry since President Darcy Rodriguez took office. Nicolás Maduro U.S. commandos carried out a daring nighttime raid last week.
Trump is scheduled to meet with executives at 2:30 p.m. on Friday, the last event on his schedule before leaving the White House for a golf weekend in Palm Beach, Florida.
Executives from 17 companies will attend, including Chevron, the only company currently involved in Venezuela, as well as Exxon Mobil and ConocoPhillips, according to the White House. Nearly two decades ago, then-President Hugo Chavez nationalized the latter two companies, thereby losing control of the country’s previous projects.
Other companies understood to have sent representatives include Valero, Marathon, Shell, Halliburton Trafigura, Eni and Repsol. Secretary of State Marco Rubio, Energy Secretary Chris Wright and Interior Secretary Doug Burgum are also believed to be scheduled to attend.
The talks with oil industry bosses come as the president is trying to reverse his administration’s campaign to decapitate Venezuela’s government – a surprise attack that drew condemnation from much of the world and raised concerns in the United States about whether it violated U.S. law. Reduce the cost of living for Americans WHO polls suggest he is tired of his focus on international trade and deals amid continued rising inflation and a slowing job market.
After Maduro’s shock ouster, Trump claimed the United States would take over global sales of Venezuelan crude and said the Caracas government was offering Washington 30 to 50 million barrels of previously sanctioned oil for sale.
While critics see the move as Trump’s retread of the 2003 U.S. invasion of Iraq – toppling the government of an oil-rich country, installing a more U.S.-friendly regime and reaping economic benefits, Trump claims it will benefit Americans by lowering energy prices thanks to cheap oil from the former sanctioned country.
While he promises cheap oil to lower prices for Americans, he may have an uphill battle convincing executives to open their coffers in a country that has been particularly unfriendly to Western oil issues over the past few decades.
U.S. companies have been wary of expressing interest in returning to Venezuela without iron-clad contracts and guarantees against intervention by Caracas, although Trump, in touting his relationship with Rodriguez, has said the U.S. government would help guarantee any investment.
U.S. shale producers have also expressed displeasure with Trump’s newfound fondness for foreign oil, warning that it will cause trouble for the market for U.S.-produced crude at a time when Trump is bent on reshoring U.S. industrial capacity.