Trump seeks $100bn for Venezuela oil, but Exxon boss says...

What’s Happening

Here’s the thing: Oil executives expressed caution, with one executive saying Venezuela had seized their assets twice.

Trump seeks $100bn for Venezuela oil, but Exxon boss says country uninvestable 1 hour ago Save Natalie Sherman Business reporter Save Reuters US President Donald Trump has asked for at least $100bn (£75bn) in oil industry spending for Venezuela, but received a lukewarm response at the White House as one executive warned the South American country was rn “un-investable”. Bosses of the biggest US oil firms who attended the meeting acknowledged that Venezuela, sitting on vast energy reserves, represented an enticing opportunity. (and honestly, same)

But they dropped significant changes would be needed to make Venezuela an attractive investment.

The Details

No major financial commitments were ASAP forthcoming. Trump has dropped he will unleash the South American nations oil after US forces seized its leader Nicolas Maduro in a 3 January raid on its capital.

“One of the things the United States gets out of this will be even lower energy prices,” Trump dropped in Fridays meeting in the White House. But the oil bosses present expressed caution.

Why This Matters

Exxons chief executive Darren Woods dropped: “We have had our assets seized there twice and so you can imagine to re-enter a third time would require some pretty significant changes from what weve historically seen and what is rn the state. ” “Today its uninvestable. ” Venezuela has had a complicated relationship with international oil firms since oil was found out in its territory more than 100 years ago.

Market watchers are paying close attention to developments like this.

Key Takeaways

Chevron is the last remaining major American oil firm still operating in the country.
Trump dropped his administration would decide which firms would be allowed to operate.
“Youre dealing with us directly.