President Donald Trump held a meeting with oil industry leaders to discuss potential investments of $100 billion in Venezuela’s oil reserves, coinciding with a US operation to seize an oil tanker in the Caribbean Sea.
Trump, who recently suggested that Venezuela would supply millions of barrels of oil to the US, convened with top oil company executives at the White House on January 9.
Although expressing interest, the executives voiced concerns about previous asset seizures in Venezuela, according to reports.
ExxonMobil’s CEO, Darren Woods, the largest US oil company representative at the meeting, mentioned that the current investment climate in Venezuela was challenging and stated their intention to send a team for evaluation due to past asset seizures.
Companies like Chevron, ConocoPhillips, Halliburton, Valero, Marathon, and Shell were also present at the meeting.
Trump reassured the executives of their safety in dealing with Venezuela, emphasizing that the US government would provide protection for their investments.
Separately, US forces intercepted another oil tanker in the Caribbean Sea, marking the fifth seizure in recent weeks as part of efforts to combat illicit oil trading globally.
Venezuela’s oil production has declined to below one million barrels per day, and officials estimate it could take up to 12 years to reach a daily output of three million barrels.
The US government’s sanctions on vessels involved in oil trade with Venezuela reflect its broader crackdown on illegal oil activities worldwide, as mentioned by Homeland Security Secretary Kristi Noem.
The ongoing developments highlight the complex dynamics surrounding Venezuela’s oil sector and the significant investments and security considerations at play.