US seeks indefinite control of Venezuelas oil resources

US President Donald Trump to Meet with Oil Executives on Venezuela Investments

On Friday, executives from several major oil companies will meet with US President Donald Trump to discuss potential investments in Venezuela. The meeting comes after the administration announced a deal under which Venezuela would turn over 30 million to 50 million barrels of sanctioned oil to the US to sell.

Energy Secretary Chris Wright stated that the US aims to control Venezuelan oil sales indefinitely, citing the need for leverage and control to drive changes in the country. This announcement follows the abduction of Venezuelan leader Nicolas Maduro by US forces on Saturday.

The Trump administration has also renewed calls for US intervention in Greenland. The US involvement in Venezuela has drawn comparisons to its involvement in Iraq, which began under the administration of former President George W Bush in 2003.

Several major oil companies, including ExxonMobil, ConocoPhillips, and Chevron, will attend the meeting with the president. Jeff Krimmel, founder of Krimmel Strategy Group, stated that the US federal government has significant leverage over Venezuela’s oil sales.

However, there are concerns about geopolitical hurdles. China is the largest purchaser of Venezuelan crude, but its imports are limited to around 4% of the country’s total oil exports. Anthony Orlando, professor of finance and law at California State Polytechnic University, Pomona, noted that other superpowers, including China, could pose a challenge to US actions.

The meeting with oil executives is expected to discuss potential investments in Venezuela. The US government has stated its intention to maintain control over Venezuelan oil sales indefinitely.

Source: Al Jazeera