Trump urged oil executives to commit at least $100 billion in spending on Venezuela’s energy sector, but the proposal drew a lukewarm response at a White House meeting with industry leaders warning that major political and legal changes would be needed before serious investment could occur.
Exxon’s chief executive Darren Woods said the country was currently “uninvestable,” citing repeated asset seizures by Venezuela administrations and the lack of stability.
Trump argued that opening Venezuela’s oil following the US seizure of leader Nicolas Maduro would help drive down energy prices, but no major financial commitments were made. He added that his administration would decide which companies could operate there, telling firms they would deal directly with the US rather than Venezuela.
Chevron is currently the only US oil major active in Venezuela
PLEASE SUBSCRIBE TO OUR FREE DAILY NEWSLETTER: If you would like to support our independent journalism at Good Morning World, please subscribe to our daily newsletter. It’s FREE and appears 7 mornings a week. As we prepare to install a fully-automated sign-up, in the meantime please send an email with the word SUBSCRIBE to ianrbrodie@gmail com.