Trump states US may have control half of global’s oil
Venezuela possesses the largest confirmed oil reserves globally, but US companies lost access to the country’s petroleum industry after their assets were nationalized in the 2000s under then-President Hugo Chavez’s socialist government.
Trump described that nationalization as “unfair” and cited it as one of the factors behind his decision to authorize a recent operation in which US commandos seized Chavez’s successor, Venezuelan President Nicolas Maduro, from his residence in Caracas.
Speaking on Friday during a White House meeting with senior executives from ExxonMobil, Chevron, and ConocoPhillips, Trump signaled a shift toward renewed cooperation with Caracas. “We’re going to be working with Venezuela,” Trump said.
He went on to outline his vision for US involvement in rebuilding the country’s energy sector. “American companies will have the opportunity to rebuild Venezuela’s energy infrastructure and eventually increase oil production to levels never seen before. When you add Venezuela and the United States together, we have 55% of the oil in the world,” he added.
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