"Invest in Venezuela's energy industry" - President Trump calls on US oil giants
US President Donald Trump met at the White House with executives from some of the world's largest oil companies to discuss Venezuela, saying he wants them to invest $100 billion in the country to significantly expand production.
Trump has made oil a priority for his strategy toward Venezuela after US forces captured its leader, Nicolas Maduro, in an overnight raid on January 3.
"We will make the decision about which oil companies will come into Venezuela," the president said. He praised a deal with Venezuela's interim leaders to ship 50 million barrels of crude oil to the United States, where multiple refineries are specially equipped to process it. Trump said he expects such shipments to continue indefinitely.
"One of the things the United States will benefit from this is even lower energy prices," he said. U.S. forces have continued to seize Venezuelan oil tankers at sea to enforce an embargo. The fifth such seizure was announced on Friday.
Trump administration officials have said they should control oil sales and revenues in Venezuela indefinitely to ensure the country acts in America's interests, including reducing corruption and drug trafficking.
Companies like Chevron, Vitol and Trafigura are competing for US licenses to trade Venezuela's existing crude, but major oil companies are reluctant to commit to large, long-term investments in Venezuela due to high costs and political instability.
Trump said at the meeting that the US would guarantee the physical and financial security of oil companies investing in Venezuela, but did not provide details.
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