The president has unveiled a plan to open Venezuela\u2019s petroleum industry to American companies<\/p>\n
President Donald Trump has said the US would control more than half of the world\u2019s oil production if American companies regain access to Venezuela\u2019s petroleum industry.
\nVenezuela, which has the world\u2019s largest proven oil reserves, nationalized the assets of US companies in the 2000s during the presidency of socialist Hugo Chavez.
\nTrump cited the \u201cunfair\u201d nationalization as one of the reasons he sent commandos last week to abduct Chavez\u2019s successor, Venezuelan President Nicolas Maduro, from his compound in Caracas.
\n\u201cWe\u2019re going to be working with Venezuela,\u201d Trump said on Friday during a meeting with executives from oil giants ExxonMobil, Chevron, and ConocoPhillips at the White House.
\n\u201cAmerican companies will have the opportunity to rebuild Venezuela\u2019s 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,\u201d he added.<\/p>\n
Read more<\/p>\n
Trump says he \u2018doesn\u2019t need\u2019 international law<\/p>\n
Trump announced after the meeting that US companies would invest at least $100 billion in Venezuela\u2019s oil production. Exxon CEO Darren Woods said, however, that Venezuela was \u201cuninvestable\u201d without an overhaul of regulations and a restructuring of its energy sector.
\nAlthough the Venezuelan government has not confirmed granting access to American companies, Delcy Rodriguez, a close Maduro ally who was sworn in as acting president in his absence, said earlier this week that Caracas was open to energy projects with all parties, including the US.
\nVenezuelan officials have denounced what they describe as Trump\u2019s plan to pilfer the country\u2019s resources and condemned the abduction of Maduro as a gross violation of sovereignty.
\nMaduro pleaded not guilty to drug-trafficking and weapons charges when he was brought before a US judge on Monday.<\/p>\n","protected":false},"excerpt":{"rendered":"
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