United States Officially Completes First $500 Million Sale of Venezuelan Oil
- The United States had completed its first sale of Venezuelan oil worth $500 million, marking a major step in its push to access the country’s reserves
- President Donald Trump had promised at least $100 billion in investment to rebuild Venezuela’s energy sector, though industry leaders voiced doubts
- Energy executives at the White House had warned that Venezuela remained “uninvestible,” leaving Washington without firm commitments despite its ambitious plans
The United States had completed its first sale of Venezuelan oil, valued at $500 million, according to an administration official. The official added that further sales were expected in the coming days and weeks as Washington moved quickly to tap into Venezuela’s vast reserves.
In the days following the US attack on Venezuela and the capture of President Nicolás Maduro earlier this month, President Donald Trump had made clear his intention to rebuild the country’s energy sector.
Source: Getty Images
On January 4, Trump said that the oil industry would invest at least $100 billion to restore Venezuela’s battered infrastructure, though it remained unclear how that figure was calculated.
Energy executives express skepticism
According to CNN, the administration’s plans to capitalise on Venezuelan oil were met with scepticism by US energy executives during a White House meeting on Friday. ExxonMobil CEO Darren Woods told officials, “It’s uninvestible,” when discussing the challenges of doing business in Venezuela. He added:
“There are a number of legal and commercial frameworks that would have to be established to even understand what kind of returns we would get on the investment.”
Several other executives also expressed reluctance to commit funds to the embattled Latin American nation. After lengthy talks, Trump and his aides had emerged without securing major commitments from companies to invest billions of dollars.
White house statement on oil discussions
On January 14, White House spokesperson Taylor Rogers said in a statement that “President Trump’s team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela’s oil infrastructure.”
Reuters reported on Wednesday that Venezuelan crude oil was being offered at a discount to traders compared to competing supplies from countries such as Canada. This pricing strategy suggested that the administration was keen to move the oil quickly into global markets despite uncertainty over long-term investment.
Source: Getty Images
Trump eyes Venezuela’s oil after capturing Maduro
Legit.ng earlier reported that following the capture of Venezuelan President Nicolás Maduro, US President Donald Trump has indicated plans to tap into Venezuela’s vast oil reserves, promising American oil companies a role in rebuilding the country’s energy infrastructure.
Trump said the US would run the country until a safe political transition and described Venezuela’s oil infrastructure as “badly broken.” Trump reportedly wants US firms to invest billions to extract and refine Venezuela’s oil, aiming to turn the resource into a revenue stream for both the country and international investors.
The US military carried out a series of air strikes on Venezuela’s capital, Caracas, early on Saturday. Maduro and his wife were captured and flown to New York City, where they face drug pushing and weapons charges.
Source: Legit.ng
