US President Trump has played a big gamble regarding Venezuela’s oil sector. Trump has claimed that American and global oil companies can invest about $100 billion in Venezuela. For this purpose, he has called an important meeting with officials of top oil companies at the White House. This step is being linked to the political developments in Venezuela and America’s new energy strategy.
Trump said on his social media platform that Big Oil companies will invest at least $100 billion in Venezuela. Big companies like Chevron, Exxon Mobil and ConocoPhillips are likely to attend this meeting. The US intends to rebuild Venezuela’s dilapidated oil infrastructure and take advantage of its vast crude oil reserves.
Situation changed after Maduro’s arrest
This meeting is taking place at a time when the US recently took massive action in Venezuela and detained its leader Maduro and his wife. Both have been brought to America on charges of drug trafficking and narco-terrorism. After this, Maduro’s close aide Delcy Rodriguez was sworn in as acting president. Trump has clearly said that America will now keep a close watch on the activities of Venezuela.
Also read- After Maduro’s arrest, America sent delegation to Venezuela, trying to heal the broken relations.
Money in exchange for oil, control goes to America
Trump has already said that Venezuela’s interim government will hand over 30 to 50 million barrels of banned oil to America. This oil will be sold at market price, but the money received from it will remain under the control of the Trump administration. Trump claims that this amount will be used in the interest of both the Venezuelan people and America. Discussions are intense in the oil market regarding this scheme.
Concerns and doubts of companies
However, sources associated with the oil industry say that the figure of $100 billion is not based on concrete commitments at present. Many companies are cautious about investing in Venezuela. Political instability, legal risks, oil infrastructure worn out by years of neglect and high costs are major concerns for companies. Experts believe that it is difficult to invest such a huge amount without clear legal protection and formal agreements.
The meeting has been kept away from the media and will take place behind closed doors at the White House. After the meeting, Trump will leave for Florida. According to experts, this initiative is an attempt to present Venezuela as a new economic opportunity. However, it will be important to see whether this initiative of Trump gets real support from the oil companies or it remains just a pressure tactic.
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