On Friday, President Donald Trump urged U.S. oil industry leaders to commit $100 billion to rebuild Venezuela’s shattered petroleum sector following the removal of Nicolás Maduro.
Trump Makes Oil Investment Pitch As Venezuela Awaits Rebuild
At a White House gathering with executives from Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), and other energy firms, Trump said Venezuela needs a dramatic overhaul.
“American companies will have the opportunity to rebuild Venezuela’s rotting energy infrastructure and eventually increase oil production to levels never, ever seen before,” Trump said.
He told the industry leaders that investments would be protected by the U.S. rather than subject to Venezuelan legal uncertainties. “You have total safety … you’re dealing with us directly and not dealing with Venezuela at all,” Trump added.
Earlier this week, Sen. Elizabeth Warren (D-Mass.) said top oil industry executives appear to know more about Trump’s intentions for Venezuela than the general public.
While Trump pressed for bold commitments, some oil executives stressed caution. ExxonMobil CEO Darren Woods said Venezuela remains “uninvestable” without major legal and commercial reforms.
Chevron, the only major firm currently operating there, said it sees potential to boost production by roughly 50% if conditions permit.
Greenland: A Strategic Flashpoint
Trump also reiterated his intention to pursue control of Greenland, an autonomous Danish territory in the Arctic.
“If we don’t take Greenland, you’re going to have Russia or China as your next-door neighbor. That’s not going to happen,” he stated.
Earlier, Denmark and other NATO allies have rejected any transfer of sovereignty and insisted Greenland’s future is solely up to its people and Copenhagen.
Price Action: Exxon Mobil shares gained 1.38% on Friday, Chevron increased by 1.80% while ConocoPhillips declined by 1.23% during the same period, according to Benzinga Pro.
Benzinga Edge Stock Rankings indicate that XOM continues to show a favorable price trend in the short, medium, and long term. Click here to compare its performance with peers and competitors.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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