US completes first sale of Venezuelan oil
Earlier this month, President Donald Trump stated that Washington plans to tap into Venezuela’s vast oil reserves—the largest globally—after a U.S. military intervention that led to the capture of President Nicolas Maduro. While the origin of the estimate remains unclear, Trump said last week that revenue from the oil sector would generate at least $100 billion to help rebuild Venezuela’s severely damaged energy infrastructure.
The president also said the United States would work with American companies to export between 30 million and 50 million barrels of Venezuelan oil.
However, skepticism emerged during a meeting at the White House, where U.S. energy executives questioned the viability of investing in Venezuela’s oil industry. “It's uninvestible,” ExxonMobil CEO Darren Woods cautioned officials, citing unresolved legal and commercial conditions. “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.”
As of Wednesday, details surrounding the initial oil transaction—including buyers and logistics—had not been publicly clarified.
In a statement, a White House spokesperson said, “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.”
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