Trump: U.S. Oil Majors to Invest $100B on Venezuela


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The largest oil companies in the United States have 
pledged to invest $100 billion in all to boost Venezuelan production, U.S. 
President Donald Trump announced Friday (1/9).

   "At least 100 Billion Dollars will be invested by BIG OIL, all of whom I 
will be meeting with today at The White House," Trump wrote on his Truth Social 
media site.

   The White House has asserted its control over Venezuela since U.S. military 
forces captured Venezuelan President Nicolas Maduro last weekend.

   Venezuela's oil production used to be as high as 3.5 million bpd before 
falling to around 1 million bpd or less now, according to OPEC.

   Trump's statement about the financial pledges made by U.S. oil majors 
towards Venezuela comes even as his Treasury Secretary Scott Bessent admits 
such companies had been slow to respond to the White House's initiatives for 
the South American nation.

    "The big oil companies who move slowly, who have corporate boards, are not 
interested," Bessent said in a speech to the Economic Club of Minnesota on 
Thursday (1/8).

   On the contrary, U.S. wildcatters and other companies and individuals were 
keen to develop Venezuelan oil, the treasury secretary added.




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