US President Donald Trump has vowed to provide "total safety" and "total security" for oil companies investing in Venezuela, as he seeks to persuade them to pump billions of dollars into the country's struggling infrastructure.
At a roundtable press conference at the White House on Friday, Trump doubled down on claims that the ousting of President Nicolรกs Maduro presents American oil giants with an unprecedented opportunity for extraction. He urged Chevron, ExxonMobil and ConocoPhilips executives, among others, to invest $100 billion in Venezuela's oil industry, citing lower energy prices as a major benefit.
However, analysts have expressed skepticism about the likelihood of oil firms investing vast sums as rapidly as Trump has suggested they will. Earlier this week, he claimed production in Venezuela could be boosted within 18 months and said that US taxpayers might fund investments, which contradicts his later statement that oil companies would need to invest their own money.
Trump's warnings also seemed aimed at pressuring the executives into investing, saying "I got 25 people who aren't here today that are willing to take your place" if they don't. However, he also assured some of the oil firms present that they wouldn't need government help, stating that these companies drill in rough places and compare them unfavorably to Venezuela.
The US president has signed an executive order aimed at blocking courts or creditors from impounding revenue tied to the sale of Venezuelan oil held in US treasury accounts. The move is seen as a bid to facilitate the country's return to the global energy market, but concerns remain about the impact of foreign intervention on Venezuela's oil output.
Several oil companies have longstanding claims against Venezuela, including ExxonMobil and ConocoPhillips, which were nationalized nearly 20 years ago and are still owed billions of dollars. Chevron, however, expressed willingness to rebuild Venezuela's oil infrastructure with US government reassurances.
As the global energy market experiences a surplus, driven in part by lower US gas prices, the stakes are high for Trump's efforts to revive Venezuela's oil industry. History has shown that foreign intervention can have mixed and unstable results, raising questions about the feasibility of Trump's plans.
At a roundtable press conference at the White House on Friday, Trump doubled down on claims that the ousting of President Nicolรกs Maduro presents American oil giants with an unprecedented opportunity for extraction. He urged Chevron, ExxonMobil and ConocoPhilips executives, among others, to invest $100 billion in Venezuela's oil industry, citing lower energy prices as a major benefit.
However, analysts have expressed skepticism about the likelihood of oil firms investing vast sums as rapidly as Trump has suggested they will. Earlier this week, he claimed production in Venezuela could be boosted within 18 months and said that US taxpayers might fund investments, which contradicts his later statement that oil companies would need to invest their own money.
Trump's warnings also seemed aimed at pressuring the executives into investing, saying "I got 25 people who aren't here today that are willing to take your place" if they don't. However, he also assured some of the oil firms present that they wouldn't need government help, stating that these companies drill in rough places and compare them unfavorably to Venezuela.
The US president has signed an executive order aimed at blocking courts or creditors from impounding revenue tied to the sale of Venezuelan oil held in US treasury accounts. The move is seen as a bid to facilitate the country's return to the global energy market, but concerns remain about the impact of foreign intervention on Venezuela's oil output.
Several oil companies have longstanding claims against Venezuela, including ExxonMobil and ConocoPhillips, which were nationalized nearly 20 years ago and are still owed billions of dollars. Chevron, however, expressed willingness to rebuild Venezuela's oil infrastructure with US government reassurances.
As the global energy market experiences a surplus, driven in part by lower US gas prices, the stakes are high for Trump's efforts to revive Venezuela's oil industry. History has shown that foreign intervention can have mixed and unstable results, raising questions about the feasibility of Trump's plans.