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Trumps Says US Must Own Greenland or China or Russia Will - Follow Live
Trump urged major oil firms to invest $100 billion to restore Venezuela's oil infrastructure, offering security and control over proceeds amid industry caution and no firm commitments.
- On Friday at 2 pm ET President Donald Trump convened nearly 20 industry representatives in the White House East Room and pressed major oil companies to invest at least $100 billion in Venezuela's oil rebuild.
- Since the Saturday raid that captured Nicolás Maduro, the administration seized tankers and Trump said he will control proceeds from Venezuelan oil sales, while Chris Wright said the U.S. intends to manage sales indefinitely.
- Several executives said they would require physical security and contract certainty before returning to Venezuela, with ConocoPhillips CEO Ryan Lance citing a $12 billion loss and ExxonMobil CEO Darren Woods calling it `uninvestible.` Some companies have discussed seeking federal financial guarantees.
- Markets reacted to plans to sell Venezuelan crude, with futures moving, while independent US oil operators warned that new supplies could depress prices as gasoline averaged $2.81 per gallon, and the U.S. Coast Guard boarded another tanker on Friday.
- Venezuela holds the world's largest crude reserves but produces less than 1 million barrels per day, and rebuilding infrastructure could take years and tens of billions of dollars, Rosenbluth said `Today’s meeting is meant to ensure the future of Venezuela is being shaped in a way that maximizes Big Oil profits and Trump’s power`.
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53 Articles
53 Articles
Oil Executives Resist Push by Trump to Invest in Venezuela
President Trump called on major US and European oil companies to sink at least $100 billion into Venezuela's energy sector, but the industry leaders he met at the White House on Friday signaled no such commitment. Some smaller oil and trading firms have been eager to expand in Venezuela, but...
·Miami, United States
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US oil companies are now expected to invest 100 billion dollars in Venezuela, but they're on their way - and Trump is pushing.
·Munich, Germany
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Trump pushes for $100 billion in oil investments in Venezuela while Exxon and others say it’s currently ‘uninvestable’ without major reforms
Oil giants tell Trump they need stability and considerable legal and political reforms before investing big in Venezuela.
·New York, United States
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Coverage Details
Total News Sources53
Leaning Left12Leaning Right9Center16Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 33%
C 43%
R 24%
Factuality
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