US EditionBig Oil Expresses Tepid Interest as Trump Seeks Deal on Venezuela
Trump administration urges major U.S. and European oil firms to invest $100 billion to restore Venezuela's oil industry and counter rival influence, despite cautious industry response.
- On Friday, the White House will convene executives from Chevron, ExxonMobil, ConocoPhillips, Continental Resources, Halliburton, Marathon Petroleum, Repsol, Shell, and Eni alongside Secretary of State Marco Rubio, Energy Secretary Chris Wright, and Interior Secretary Doug Burgum.
- President Donald Trump promised oil executives a 'deal' at Mar-a-Lago in 2024 tied to lavish campaign donations, while the administration seeks to assume control over Venezuela's oil sales and engineer a handover of at least a month of its production.
- Restoring Venezuelan output would require investments exceeding $100 billion and more than a decade of consistent work, while analysts projecting an oil glut this year note $58 per barrel oil price limits fresh spending.
- U.S. oil companies are publicly cautious, with Chevron and ConocoPhillips holding off on commitments despite White House hopes Chevron will quickly expand Venezuelan operations.
- Geopolitical considerations matter because Venezuela's oil sector has been neglected for years, with North Dakota now producing 1 million barrels daily and China remaining Venezuela's biggest crude buyer.
11 Articles
11 Articles
Big Oil expresses tepid interest as Trump seeks deal on Venezuela
Major oil firms expressed interest — with reservations — about doing business in Venezuela as President Trump said Friday he’s seeking a deal to decide which companies will drill in the Latin American nation. During a meeting at the White House, Trump said he would try to “cut a deal” to determine which firms get [...]
Trump’s Venezuela oil gambit stalls as major companies hesitate
Trump’s push to lure major oil companies into rebuilding Venezuela’s battered industry is faltering, with top firms hesitant and insiders mocking empty promises. Treasury Secretary Scott Bessent says smaller independent companies are eager, but bigger one are playing it safe, worried about low oil prices and costly risks.Watch the video below. Your browser does not support the video tag. Trump’s Venezuela oil gambit stalls as majors hesitate, in…
Trump Pushes ‘Drill Baby Drill’ Agenda to Venezuela, Hurts Producers at Home - Energy News, Top Headlines, Commentaries, Features & Events
By Georgina McCartney and Arathy Somasekhar Trump aims for $50 oil, below profitable level for U.S. producers Venezuelan oil redirection to pressure U.S. shale margins U.S. refineries to benefit from Venezuelan oil influx HOUSTON, Jan 9 – U.S. oil producers already reeling from low oil prices are facing renewed pressures, as President Donald Trump pushes ...
US President Donald Trump has expressed a keen interest in taking control of the country's vast oil reserves after the kidnapping of Venezuelan dictator Nicolás Maduro. But experts warn of a number of obstacles: oil companies themselves are reluctant to enter the unstable country, recovery would cost tens of billions of dollars and take years. In addition, the global oil market is oversaturated, and further production could push prices down so m…
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