"President Trump has made no secret that he wants U.S. oil companies to profit off his removal of Venezuelan President Nicolas Maduro by investing in rebuilding Venezuela's oil infrastructure and sharing in the money that would follow. Late Tuesday, he posted on Truth Social that Venezuelan authorities will turn over to the U.S. between 30 million and 50 million barrels of sanctioned oil, which will then be sold at market price, with the proceeds controlled by Trump."
"Independent research firm Rystad Energy has estimated it would take $183 billion over more than a decade to restore Venezuelan oil production back to a 1990s-era level, more than tripling it from its current rate of less than 1 million barrels a day. And companies might be hesitant to rush in or, rather, rush back in. Chevron is the only U.S. oil company still operating in Venezuela; ExxonMobil and ConocoPhillips left after the Venezuelan government forcibly renegotiated contracts around 2007,"
President Trump aims for U.S. oil companies to profit by investing in and sharing proceeds from Venezuela's oil sector after his proposed removal of Nicolás Maduro. He claimed Venezuelan authorities will turn over 30 to 50 million barrels of sanctioned oil to the United States to be sold at market prices with proceeds controlled by him. Restoring production to 1990s-era levels would require roughly $183 billion over more than a decade and would more than triple current output from under one million barrels per day. Companies face legal disputes, decayed infrastructure, power outages, stolen equipment, and political uncertainty before committing large investments.
Read at www.npr.org
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