Trump Reports US Oil Companies Heading to Venezuela Amid Investment Push
Earlier this month, US forces conducted an operation in Caracas that resulted in the capture of Venezuelan President Nicolas Maduro and his wife, who were flown to New York to face drug trafficking charges, to which they have pleaded not guilty. Since then, Trump has demanded “total access” to Venezuela’s oil resources.
During a cabinet meeting on Thursday, Trump said his administration is “getting along really well” with Venezuelan Interim President Delcy Rodriguez and her team. “We’re working… on the oil. We have the major oil companies going to Venezuela now, scouting it out and picking their locations,” he stated.
The announcement coincided with the Department of the Treasury’s Office of Foreign Assets Control issuing a general license that permits certain companies to engage in activities involving Venezuelan-origin oil, including export, sale, refining, and transportation, under specific conditions.
Additionally, Rodriguez signed a reform to the Organic Hydrocarbons Law aimed at encouraging private and foreign investment in Venezuela’s energy sector, which has suffered from decades of underinvestment. She also held a phone conversation with Trump earlier that day.
Venezuela possesses the world’s largest proven oil reserves, estimated at roughly 303 billion barrels. The country nationalized US oil assets during Hugo Chavez’s presidency, prompting Washington to impose sweeping sanctions on its oil industry.
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