US Trump Administration to Meet with Oil Companies Over Venezuela

US Oil Companies to Meet with Trump Administration Later This Week

The White House is planning to meet with executives from three major US oil companies, Exxon Mobil, ConocoPhillips, and Chevron, later this week. The meetings are expected to discuss boosting Venezuelan oil production following the abduction of President Nicolas Maduro by US forces on Saturday.

According to sources familiar with the matter, no previous discussions have taken place between the Trump administration and these oil companies regarding operating in Venezuela before or after Maduro’s removal from office. This contradicts comments made by President Trump over the weekend that he had already met with “all” of the US oil companies.

The upcoming meetings are seen as crucial to the administration’s goals of increasing crude oil production and exports from Venezuela, a country with significant oil reserves. The White House has stated that it believes the US oil industry is ready to invest in Venezuela, but analysts note that achieving this goal will require years of work and billions of dollars of investment.

The exact details of the meetings are unclear, including whether executives will attend individually or collectively. Exxon Mobil, ConocoPhillips, and Chevron have not commented on the matter thus far. The White House has also declined to comment further, citing antitrust concerns as a reason for not discussing potential Venezuela operations in group settings with the oil companies.

US forces conducted a raid on Venezuela’s capital on Saturday, arresting Maduro and sending him back to the US to face narcoterrorism charges. Trump had previously stated that he expects the largest US oil companies to spend billions of dollars boosting Venezuela’s oil production following the country’s decline over the past two decades due to underinvestment and sanctions.

Industry analysts have expressed concerns about the feasibility of these plans, citing a lack of infrastructure, uncertainty over the country’s political future, legal framework, and long-term US policy.

Source: Al Jazeera