President Donald Trump convened a meeting with oil industry leaders to discuss potential investments totaling $100 billion in Venezuela’s oil reserves. Concurrently, US forces conducted the seizure of an oil tanker in the Caribbean Sea.
During the meeting held on January 9 at the White House, Trump, who had previously stated that Venezuela would supply millions of barrels of oil to the US, engaged with top oil company executives. The executives expressed interest in the opportunity but cited concerns regarding the history of asset seizures in Venezuela.
ExxonMobil’s CEO, Darren Woods, the largest US oil company representative at the meeting, voiced reservations about the current investment climate in Venezuela, stating that the situation was not conducive for investments. He mentioned that ExxonMobil would dispatch a team to evaluate the circumstances, noting past instances where the company’s assets were seized in Venezuela.
Other notable companies present included Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell. Trump reassured the executives of their safety amidst the political unrest and sanctions in Venezuela, emphasizing direct dealings with the US rather than the Venezuelan government.
In a separate development, US forces seized an additional oil tanker in the Caribbean Sea, marking the fifth such incident in recent weeks. This action aligns with the US administration’s efforts to crack down on illicit oil trading globally, particularly related to Venezuela.
Venezuela’s oil production has significantly declined to below one million barrels per day. Energy Secretary Chris Wright projected that it could take approximately eight to 12 years for Venezuela’s daily production to reach three million barrels per day.
The ongoing discussions and actions reflect the complex dynamics surrounding US-Venezuela relations and the strategic interests of major oil companies in the region.