US President Donald Trump has assured oil executives that they will have "total safety" if they invest in Venezuela after the ouster of Nicolás Maduro, according to sources close to the talks. The promise comes as the White House seeks to quickly secure $100 billion in investments to revive the country's ability to fully tap into its expansive reserves of petroleum.
Trump sees this as a new economic opportunity for the US and has been seizing tankers carrying Venezuelan oil. He also announced that the US will be controlling sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil, which he claims will bring down energy prices.
The oil executives were invited to the White House after US forces seized their fifth tanker over the past month linked to Venezuelan oil. This action reflects the Trump administration's plans for ongoing involvement in the sector as it seeks commitments from private companies.
At a meeting with oil industry executives, Trump assured them that they need not be skeptical of investing in Venezuela, saying "You have total safety... You're dealing with us directly and not dealing with Venezuela." He also emphasized that large oil companies will be spending at least $100 billion of their money, not the government's money.
Trump welcomed several major oil companies to the White House, including Chevron, ExxonMobil, ConocoPhillips, and others. The meeting reflects a broader push by Trump to keep gasoline prices low and showcase his ability to control energy markets.
Despite this optimism, some critics argue that Trump's goal is to hand billionaires control over Venezuela's oil. Public Citizen's Energy Program Director Tyson Slocum criticized the gathering, calling it "violent imperialism" and warning of potential human rights abuses in Venezuela.
The US and Venezuelan governments are now exploring the possibility of restoring diplomatic relations between the two countries. A small team of US diplomats arrived in Venezuela to assess the potential reopening of the US Embassy in Caracas.
Meanwhile, Trump has announced that he will meet with President Gustavo Petro in early February but warned him to make progress on stopping cocaine flows into the US.
Trump sees this as a new economic opportunity for the US and has been seizing tankers carrying Venezuelan oil. He also announced that the US will be controlling sales of 30 million to 50 million barrels of previously sanctioned Venezuelan oil, which he claims will bring down energy prices.
The oil executives were invited to the White House after US forces seized their fifth tanker over the past month linked to Venezuelan oil. This action reflects the Trump administration's plans for ongoing involvement in the sector as it seeks commitments from private companies.
At a meeting with oil industry executives, Trump assured them that they need not be skeptical of investing in Venezuela, saying "You have total safety... You're dealing with us directly and not dealing with Venezuela." He also emphasized that large oil companies will be spending at least $100 billion of their money, not the government's money.
Trump welcomed several major oil companies to the White House, including Chevron, ExxonMobil, ConocoPhillips, and others. The meeting reflects a broader push by Trump to keep gasoline prices low and showcase his ability to control energy markets.
Despite this optimism, some critics argue that Trump's goal is to hand billionaires control over Venezuela's oil. Public Citizen's Energy Program Director Tyson Slocum criticized the gathering, calling it "violent imperialism" and warning of potential human rights abuses in Venezuela.
The US and Venezuelan governments are now exploring the possibility of restoring diplomatic relations between the two countries. A small team of US diplomats arrived in Venezuela to assess the potential reopening of the US Embassy in Caracas.
Meanwhile, Trump has announced that he will meet with President Gustavo Petro in early February but warned him to make progress on stopping cocaine flows into the US.