U.S. Completes First Venezuelan Oil Sale
Earlier in January, President Donald Trump publicly stated his intention to tap into Venezuela’s vast oil reserves, which are considered the largest globally, after a recent U.S. military intervention in the country and the detention of President Nicolas Maduro.
Despite uncertainty over the basis for the estimate, Trump declared on Friday that the oil sector would contribute at least $100 billion toward rebuilding Venezuela’s damaged energy infrastructure. He also mentioned that the U.S. would export 30–50 million barrels of Venezuelan oil in partnership with American firms.
However, some U.S. energy leaders have questioned the viability of these plans. During discussions at the White House, ExxonMobil CEO Darren Woods described the Venezuelan market as “uninvestible”, citing significant legal and commercial hurdles that would need resolution before investors could assess potential returns.
Details of the initial oil sale remain limited. White House spokesperson Taylor Rogers stated that the Trump team is encouraging ongoing talks with oil companies ready and willing to make unprecedented investments to help restore Venezuela’s oil facilities.
In a statement provided to CNN, Rogers emphasized that these engagements aim to facilitate substantial industry involvement in rebuilding the sector.
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