Trump Plans to Exploit Venezuela’s Oil Reserves After Maduro’s Seizure
Trump’s announcement came after US Energy Secretary Chris Wright completed a two-day trip to assess the country’s reopening of its oil sector to American companies. His visit followed the Venezuelan National Assembly’s passage of legislation permitting private and foreign investment in oil production, ending two decades of strict state control.
For Trump, the move represents a major opportunity for the US energy sector. "We're going to be extracting numbers in terms of oil like few people have seen," he said in a mid-January press conference after meeting with energy executives at the White House.
However, US oil companies face the challenge of evaluating whether the venture is financially viable. William Jackson, chief emerging markets economist at Capital Economics, said Trump aims to "revive Venezuela's oil sector and use that energy to increase supply and reduce costs to the consumer, possibly providing a source of revenue for a more friendly Venezuelan government to rebuild the economy after years of mismanagement."
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