President Donald Trump on Friday called on oil executives to rush back into Venezuela as the White House tries to quickly secure $100 billion in investments to fix the country’s neglected infrastructure and fully tap into its expansive reserves of petroleum.
Since the U.S. military raid to capture former Venezuelan leader Nicolás Maduro on Saturday, Trump has quickly pivoted to portraying the move as an economic opportunity for the U.S.
He has seized tankers carrying Venezuelan oil, has said the U.S. is taking over the sales of 30 million to 50 million barrels of previously sanctioned Venezuelan crude, and plans to control sales worldwide indefinitely.
At the White House meeting, major oil companies said they were interested in the opportunity but expressed caution given their past experience in the country.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s un-investable,” said Darren Woods, CEO of ExxonMobil, the largest U.S. oil company.
Trump used the meeting
You’ve reached your free article limit
Subscribe to enjoy unlimited access to trusted journalism. Cancel anytime.
Subscribe nowNeed help? molokom@insidepolitic.co.za
