Trump Vows Total Safety for Oil Investors in Venezuela

US President Donald Trump Hosts Oil Industry Executives at White House

The White House invited representatives from 17 major oil companies to a meeting on Friday, where they discussed potential investments in Venezuela’s oil sector. The gathering came as the US seeks to secure $100 billion in investments to revive the country’s ability to fully tap into its extensive petroleum reserves.

During the meeting, Trump assured the executives that their investments would be safe and protected by the US government. He stated that the companies would not need to deal with Venezuela directly, but rather through the US administration. The President also emphasized that the oil companies’ money would not be used by the government, but rather would be invested in the sector.

The meeting took place after US forces seized a fifth tanker linked to Venezuelan oil earlier on Friday, reflecting the Trump administration’s determination to control the exporting, refining, and production of Venezuelan petroleum. The White House has invited oil executives from companies such as Chevron, ExxonMobil, and ConocoPhillips, which have previously operated in Venezuela.

Some experts have expressed skepticism about investing in Venezuela due to ongoing US sanctions and political uncertainty. Darren Woods, CEO of ExxonMobil, stated that the commercial frameworks and legal system in place in Venezuela are currently “un-investable” and require significant changes for companies to consider re-entering the market.

Benjamin Radd, a senior fellow at the UCLA Burkle Center for International Relations, noted that oil companies have been hesitant to invest in Venezuela due to the risks involved. He stated that until Trump can outline a plan for political stability, it will remain a challenging endeavor for these companies to re-engage with the country.

The meeting comes as Venezuela’s oil production has slumped below one million barrels per day. The US administration is seeking to convince oil companies that they have a stable relationship with Venezuela’s interim President Delcy Rodriguez and protections in place for companies entering the market.

Source: Al Jazeera