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On Friday, President Donald Trump urged oil industry leaders to expedite their return to Venezuela as part of the White House’s strategy to secure $100 billion in investments. These funds are aimed at revitalizing Venezuela’s capacity to exploit its vast petroleum reserves.
In the aftermath of a U.S. military operation that led to the capture of former Venezuelan leader Nicolás Maduro last Saturday, Trump has reframed the situation as a significant economic opportunity for the United States. The administration has seized tankers transporting Venezuelan oil and announced plans to take charge of selling 30 to 50 million barrels of oil that were previously under sanctions, with the intention of managing global sales indefinitely.
During a meeting with oil executives, Trump sought to alleviate concerns about investing in Venezuela, a nation with a history of state asset seizures, ongoing U.S. sanctions, and current political instability. He assured the industry leaders of safety and protection in their ventures.
“You have total safety,” Trump reassured the executives. “You’re dealing with us directly and not with Venezuela. We don’t want you to deal with Venezuela.”
He further stated, “Our major oil companies will invest at least $100 billion, using their own funds—not government money. They don’t require government funding, but they do need government protection.”
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Trump welcomed the oil executives to the White House after U.S. forces earlier Friday seized their fifth tanker over the past month that has been linked to Venezuelan oil. The action reflected the determination of the U.S. to fully control the exporting, refining and production of Venezuelan petroleum, a sign of the Trump administration’s plans for ongoing involvement in the sector as it seeks commitments from private companies.
It’s all part of a broader push by Trump to keep gasoline prices low. At a time when many Americans are concerned about affordability, the incursion in Venezuela melds Trump’s assertive use of presidential powers with an optical spectacle meant to convince Americans that he can bring down energy prices.
“At least 100 Billion Dollars will be invested by BIG OIL, all of whom I will be meeting with today at The White House,” Trump said Friday in a pre-dawn social media post.
The White House said it invited oil executives from 17 companies, including Chevron, which still operates in Venezuela, as well as ExxonMobil and ConocoPhillips, which both had oil projects in the country that were lost as part of a 2007 nationalization of private businesses under Maduro’s predecessor, Hugo Chávez.
“If we look at the commercial constructs and frameworks in place today in Venezuela, today it’s un-investable,” said Darren Woods, the ExxonMobil CEO. “And so significant changes have to be made to those commercial frameworks, the legal system, there has to be durable investment protections and there has to be change to the hydrocarbon laws in the country.”
Other companies invited included Halliburton, Valero, Marathon, Shell, Singapore-based Trafigura, Italy-based Eni and Spain-based Repsol as well as a vast swath of domestic and international companies with interests ranging from construction to the commodity markets.
Large U.S. oil companies have so far largely refrained from affirming investments in Venezuela as contracts and guarantees need to be in place. Trump has suggested that the U.S. would help to backstop any investments.
Venezuela’s oil production has slumped below one million barrels a day. Part of Trump’s challenge to turn that around will be to convince oil companies that his administration has a stable relationship with Venezuela’s interim President Delcy Rodríguez, as well as protections for companies entering the market.
While Rodriguez has publicly denounced Trump and the ouster of Maduro, the U.S. president has said that to date Venezuela’s interim leader has been cooperating behind the scenes with his administration.
Tyson Slocum, director of the consumer advocacy group Public Citizen’s energy program, criticized the gathering and called the U.S. military’s removal of Maduro “violent imperialism.” Slocum added that Trump’s goal appears to be to “hand billionaires control over Venezuela’s oil.”
Meanwhile, the United States and Venezuelan governments said Friday they were exploring the possibility of restoring diplomatic relations between the two countries, and a delegation from the Trump administration arrived in the South American nation Friday.
The small team of U.S. diplomats and diplomatic security officials traveled to Venezuela to make a preliminary assessment about the potential reopening of the U.S. Embassy in Caracas, the State Department said in a statement.
Trump also announced Friday he’d meet with President Gustavo Petro in early February, but called on the Colombian leader to make quick progress on stemming flow of cocaine into the U.S.
Trump, following the ouster of Maduro, had made vague threats to take similar action against Petro, describing the Colombia leader as a “sick man who likes making cocaine and selling it to the United States”
Trump abruptly changed his tone Wednesday about his Colombian counterpart after a friendly phone call in which he invited Petro to visit the White House.
The seeming détente between Petro, a leftist, and Trump, a conservative, appears to reflect that their shared interests override their deep differences.
For Colombia, the U.S. remains key to the military’s fight against leftist guerrillas and drug traffickers. Washington has provided Bogotá with roughly $14 billion in the last two decades.
For the U.S., Colombia, the world’s biggest cocaine producer, remains the cornerstone of its counternarcotics strategy abroad, providing crucial intelligence used to interdict drugs in the Caribbean.
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