❓WHAT HAPPENED: President Donald J. Trump will push oil executives to commit to a $100 billion investment in Venezuela’s oil sector during a White House meeting on Friday, following the ousting of the country’s Marxist dictator Nicolás Maduro.
👤WHO WAS INVOLVED: President Trump, Secretary of State Marco Rubio, Energy Secretary Chris Wright, Interior Secretary Doug Burgum, and executives from companies such as Chevron, ExxonMobil, and ConocoPhillips.
📍WHEN & WHERE: The meeting is set for Friday at 2:30 PM at the White House, before Trump departs for Palm Beach, Florida, for the weekend.
💬KEY QUOTE: Trump said, “BIG OIL leaders will invest at least 100 billion dollars into Venezuela towards rebuilding, in a much bigger, better and more modern form, their oil and gas infrastructure.”
🎯IMPACT: The proposed investment aims to lower energy prices for Americans but raises concerns over U.S. involvement in Venezuela and the impact on domestic oil producers.
President Donald J. Trump is pushing U.S. oil industry executives to make a significant $100 billion investment in Venezuela’s oil infrastructure during at a meeting on Friday on the future of the South American country’s energy sector. The White House discussion follows the U.S.-led removal of Nicolás Maduro as Venezuela’s dictator and the installation of Darcy Rodriguez as acting president.
According to Trump, the investment will focus on modernizing Venezuela’s oil and gas sector, which has been crippled by years of mismanagement. In a Truth Social post, Trump stated that the U.S. government and Venezuela are “working well together” and emphasized the potential benefits for both nations. He added, “BIG OIL leaders will invest at least 100 billion dollars into Venezuela towards rebuilding, in a much bigger, better and more modern form, their oil and gas infrastructure.”
Executives from 17 companies, including Chevron, ExxonMobil, and ConocoPhillips, are expected to attend. Other participants include Valero, Marathon, Shell, Halliburton, and international firms such as Trafigura, Eni, and Repsol. Key members of the Trump administration, including Secretary of State Marco Rubio, Energy Secretary Chris Wright, and Interior Secretary Doug Burgum, are also slated to participate.
Despite Trump’s assurances, U.S.-based shale oil producers have expressed concerns over increased competition from Venezuela, warning that it could harm domestic oil markets. Additionally, companies remain cautious about investing in Venezuela without guarantees against government interference, though Trump has promised U.S. government support to secure such investments.
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