🚨 Yesterday at the White House, U.S. President Donald Trump pitched a massive $100 billion plan to rebuild Venezuela's oil industry, promising quick and solid returns under his 'GREAT Energy Deal'.
Despite the hype, major oil CEOs kept their wallets closed. Exxon Mobil's Darren Woods flagged Venezuela's legal and commercial frameworks as too risky, ConocoPhillips' Ryan Lance reminded of a $12 billion loss from past nationalizations, and Chevron stuck to talking about its ongoing joint venture instead of scaling up. 💸🚫
U.S. Energy Secretary Chris Wright said the move is part of a push to control Venezuela's oil exports and drive political change. Earlier on Friday, Trump announced on Truth Social that the U.S., 'in coordination with the Interim Authorities of Venezuela,' seized a tanker that left without approval, planning to sell its cargo via the GREAT Energy Deal. It's the fifth tanker seized, following U.S. forces raiding and detaining President Nicolas Maduro and his wife on Jan 3.
Venezuela holds about 303 billion barrels of proven crude oil—roughly 17% of global reserves—according to the U.S. Energy Information Administration. But for now, major players are staying on the sidelines, wary of political upheaval and legal hurdles. 🤔
Trump's big pitch may need more than flashy numbers to win over skeptics, leaving the future of Venezuela's oil overhaul uncertain. 🌐✨
Reference(s):
Trump's Venezuela investment pitch falls flat with oil executives
cgtn.com
