US Oil Giants Keep Quiet as Trump Vows Billions for Venezuela's Struggling Oil Industry
The only US oil company still operating in Venezuela, Chevron, has committed only to following "relevant laws and regulations" after President Donald Trump suggested American energy multinationals would be central to his plans for the country. The president claimed that US oil firms will invest heavily to reconstruct "rotted" infrastructure, ramp up production, and sell "large amounts … to other countries".
Trump's assertion has been met with silence from the US oil giants, despite his claim that they will spend "billions and billions of dollars" rebuilding Venezuela's oil industry. ExxonMobil, the biggest US oil company, did not respond to a request for comment, while ConocoPhillips said it was monitoring developments but refused to speculate on future business activities or investments.
Venezuela's vast oil reserves – reputedly the world's largest – have been nationalized and seized control of operations still run under private arrangements since 2007. The country has yet to pay billions of dollars awarded by the World Bank's International Center for Settlement of Investment Disputes to ExxonMobil and ConocoPhillips, who engaged in a years-long legal battle with Venezuela after exiting.
The White House did not comment on whether it consulted US oil giants before Trump's claim. Administration officials have told US oil executives that they must return and invest heavily if they want compensation for seized property. The country holds some 17% of global oil reserves, but its output has fallen dramatically due to decades of mismanagement, corruption, and underinvestment.
Industry analysts say that while there is immense competition among oil majors for opportunities in Venezuela, companies will be selective about where they invest given the current oversupply in the global market. Trump's vision has prompted concerns over the legality of his plan, with some observers suggesting that US oil executives had probably been consulted ahead of time.
The post-authoritarian transition in Venezuela is long and non-linear, according to geopolitical strategist Tina Fordham. Trump appears to have complete faith that things will be different under his leadership, but memories of other toppled dictators loom large in corporate boardrooms and beyond.
The only US oil company still operating in Venezuela, Chevron, has committed only to following "relevant laws and regulations" after President Donald Trump suggested American energy multinationals would be central to his plans for the country. The president claimed that US oil firms will invest heavily to reconstruct "rotted" infrastructure, ramp up production, and sell "large amounts … to other countries".
Trump's assertion has been met with silence from the US oil giants, despite his claim that they will spend "billions and billions of dollars" rebuilding Venezuela's oil industry. ExxonMobil, the biggest US oil company, did not respond to a request for comment, while ConocoPhillips said it was monitoring developments but refused to speculate on future business activities or investments.
Venezuela's vast oil reserves – reputedly the world's largest – have been nationalized and seized control of operations still run under private arrangements since 2007. The country has yet to pay billions of dollars awarded by the World Bank's International Center for Settlement of Investment Disputes to ExxonMobil and ConocoPhillips, who engaged in a years-long legal battle with Venezuela after exiting.
The White House did not comment on whether it consulted US oil giants before Trump's claim. Administration officials have told US oil executives that they must return and invest heavily if they want compensation for seized property. The country holds some 17% of global oil reserves, but its output has fallen dramatically due to decades of mismanagement, corruption, and underinvestment.
Industry analysts say that while there is immense competition among oil majors for opportunities in Venezuela, companies will be selective about where they invest given the current oversupply in the global market. Trump's vision has prompted concerns over the legality of his plan, with some observers suggesting that US oil executives had probably been consulted ahead of time.
The post-authoritarian transition in Venezuela is long and non-linear, according to geopolitical strategist Tina Fordham. Trump appears to have complete faith that things will be different under his leadership, but memories of other toppled dictators loom large in corporate boardrooms and beyond.
. Like, billions for Venezuela's oil industry? That sounds like a whole lotta money 
to me. What's the catch? Is Trump just going to use that cash to prop up his own regime or what? It also got me thinking, how are these oil giants gonna get their $$$ back after all they've been through with Venezuela 
. I mean, they basically got screwed by the country, and now they're being asked to put money on the table again. It just doesn't add up. And what about the environmental implications? Are we really gonna let Trump's ego drive this whole thing without considering the consequences? 
! Trump's plan for Venezuela sounds like a major business opportunity, right? But what's up with the silence from US oil giants? It's gotta be because they're not sure if it's gonna be a smooth ride 
. Maybe they're waiting for more info or don't wanna jinx the whole thing 
. On the other hand, ExxonMobil and ConocoPhillips are probably thinking hard about their next move 
! The world needs more production, especially with the current market conditions 
. Who knows, maybe Trump's plan will actually work out? Fingers crossed that it does, I wanna see some growth and innovation in Venezuela 
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. And don't even get me started on ExxonMobil - no comment whatsoever is always the best answer when you're talking about billions of dollars 
. The fact that they haven't paid out billions to ExxonMobil and ConocoPhillips yet doesn't bode well for any future dealings 
. And let's not forget that Trump's administration is already getting some heat over this plan - it's hard to shake the feeling that there's more to the story than we're being told 
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?? The US oil giants are literally MIA on this one... I mean, Trump is out here promising billions to Venezuela's struggling oil industry and they're just sitting pretty 
like nothing's gonna happen. Meanwhile, Chevron just gives a watered-down "we'll follow the laws" response... yawn 
. This whole thing reeks of some shady deal-making going on behind closed doors.
. The country has been struggling for decades and now we're just gonna swoop in and magically fix everything? Give me a break 
. Industry analysts are saying companies are gonna be super selective about where they invest, but I'm not buying it 
. Trump thinks he's got all the answers but honestly, I'm just confused 
. The whole post-authoritarian transition thing aside, this whole Venezuela situation is a mess 
.
. But Trump's gotta be thinkin' that with his special brand of magic, things'll magically get better 
. Newsflash: it don't work that way 
. They're not exactly shakin' in their boots about investin' more money in a country with such shaky ground 
.
. It's all very suspicious considering how long it took them to pay back the World Bank on those investment disputes 
️, but still gotta wonder what Trump knows about their plans 