He has a meeting with the top executives of the oil companies, with the topics of the agenda being exclusively his, but also the reduction of prices for American consumers, at least according to what the president of the USA revealed, shortly before the meeting.
Among those present at the meeting are US Secretary of State Marco Rubio, Vice President Jay De Vance, well-known journalist Tucker Carlson, Secretary of the Interior Doug Bergum, Secretary of Energy Chris Wright and Director of the White House Council on National Energy Dominance Jarrod Agen. From the oil industry side, more than 12 executives are present, including executives from Chevron, Exxon, Conoco.
You are only talking to us, not Venezuela
Trump began the meeting by celebrating the operation against Nicolas Maduro, then claimed that Venezuela has already delivered to the US more than 30 million barrels of oil worth $4 billion. As he said addressing the executives of the companies, the US government is the one who will decide which companies will invest in oil extraction in Venezuela and that before the operation against Maduro, “the oil companies could not go to Venezuela because they had no guarantees, no security.” As he said: “Talk to us directly. You are not making any arrangements with Venezuela under any circumstances.”
Earlier, shortly before the meeting, Trump, in a post on Truth Social, had set the agenda for the meeting, writing among other things: “Today’s meeting will be almost exclusively about Venezuela’s oil and our long-term relationship with the country, its security and its people. A defining factor in this engagement will be lower oil prices for the American people.”
During his meeting with the executives of the oil industry, he claimed that Venezuelan oil will lower prices in the US, without, of course, giving further explanations for this position.
The US president said among other things that the plan is for US oil companies to spend at least $100 billion of their own funds, not government money, to revitalize Venezuela’s oil infrastructure and eventually increase oil production. According to him the companies do not need federal funding from the US, but “need protection and security from the government” to be able to operate in the country.
Rubio re-introduced the three-phase plan for Venezuela
US Secretary of State Marco Rubio outlined the different phases of the United States’ plan for Venezuela, which he said are as follows:
First phase: Stabilization phase. Rubio said the White House is working with various authorities to ensure there is a “market to sell” Venezuela’s oil to benefit both the US and the Latin American country.
Second phase: Recovery. This, as Rubio argued, is about returning to a normal economy. During this period, “the money will go to the benefit of the people” and, at the same time, “a process of reconciliation” will develop within Venezuela.
Third phase: Transition to normal operation. Rubio said this would lead to Venezuela becoming “a normal country again.” During this phase, the US and Venezuela will have “strong economic and diplomatic relations.” It also means, Rubio added, that Washington’s enemies will not have a “strong presence” in the country, as Venezuela will support the interests of the White House.
Drugs are over, oil is coming says Vance
Statements were also made by US Vice President Jay D. Vance, who argued that the previous administration made “endless mistakes” abroad without benefits for the American people.
Vance argued that Trump’s actions in Venezuela would “stop the flow of drugs into our country” and allow the US to control “one of the largest energy reserves anywhere in the world.”
What the “oil guys” said
The CEO of Exxon Mobil, Darren Woods, also spoke, according to which the American oil company could immediately start its activities in Venezuela and consider a possible return to the country.
“It is absolutely critical that we put together a technical team to assess the current state of the industry,” Woods said.
ConocoPhillips CEO Ryan Lance said US banks, including the government-backed Export-Import Bank of the US, may have to step in to finance investments in Venezuela’s oil sector, while a Chevron executive said the company is determined to continue investing in Venezuela’s oil sector.
What does the meeting at the White House signify?
The meeting is part of a broader effort by the US government to persuade major US energy companies to return to Venezuela. However, industry executives appear – according to the American media – wary of the possibility of investing tens of billions of dollars over a decade, which will be required to restore the country’s oil infrastructure.
For Venezuela’s oil production to return to pre-“socialist” levels, the industry will have to make extensive investments: building pipelines, installing drilling rigs, developing port infrastructure and creating a reliable electricity grid, among other projects. According to estimates by industry experts, market executives and Energy Secretary Chris Wright, the cost is more than $10 billion a year and will take more than a decade to pay off.
Despite the obstacles, the US government believes that Venezuela’s vast oil reserves can act as a strong lure for investors. As a first step, market executives are watching whether Washington will move to lift key sanctions that have curbed the country’s output, as well as provide some critical supplies needed to transport Venezuela’s heaviest crude.
