Summary
President Donald Trump invited oil company leaders to discuss investing $100 billion in Venezuela's oil sector. He promised these companies "total safety" and said they would deal directly with the U.S., not Venezuela. The U.S. aims to control Venezuelan oil exports, refining, and production, while oil companies consider the risks involved.
Key Facts
- President Trump urged oil companies to invest $100 billion in Venezuela's oil reserves.
- He assured them of safety and that dealings would be directly with the U.S., not the Venezuelan government.
- U.S. forces recently seized a fifth oil tanker linked to Venezuelan oil.
- Oil executives from 17 companies, including Chevron, ExxonMobil, and ConocoPhillips, attended the meeting.
- Darren Woods, CEO of ExxonMobil, highlighted the need for changes in Venezuela's legal and commercial system for investment to be feasible.
- Companies have expressed concern over past asset seizures and the legal environment in Venezuela.
- Venezuela's current oil production is below one million barrels per day.
