President Donald Trump held discussions with oil industry leaders to seek investments totaling $100 billion for accessing Venezuela’s oil reserves. This meeting took place as US authorities confiscated an oil tanker in the Caribbean Sea.
Trump, who recently mentioned that Venezuela would provide millions of barrels of oil to the US, engaged with top oil company executives at the White House on January 9. Despite expressing interest, the executives showed reluctance due to previous asset seizures in Venezuela.
ExxonMobil’s CEO, Darren Woods, the largest US oil company representative present, commented on the current investment climate in Venezuela, describing it as “un-investable.” He stated that ExxonMobil would evaluate the situation, considering their past experiences of asset seizures in the country.
Other firms participating in the meeting included Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell. Trump assured the executives of safety amidst the history of asset seizures, sanctions, and political unrest in Venezuela.
In a separate development, US forces intercepted an oil tanker in the Caribbean Sea, marking the fifth seizure in the last month. This action is part of the US government’s initiative to crack down on illicit oil trading globally, including sanctions on tankers linked to Venezuela.
Venezuela’s daily oil output has dropped below one million barrels, with Energy Secretary Chris Wright estimating it could take up to 12 years to reach three million barrels per day. Trump emphasized that the relationship with the US would ensure security for the investments made by the oil companies.