Trump Meeting With Oil Company Execs – Discussing Plans For Investment In Venezuela
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Donald Trump is meeting with more than a dozen oil companies on Friday.
They will discuss plans for investment in Venezuela.
President Donald Trump will meet Friday afternoon with more than a dozen oil companies at the White House to discuss plans for investment in Venezuela, less than a week after the U.S. ousted President Nicolas Maduro.
The CEOs of Exxon, ConocoPhillips, Shelland a representative from Chevronwill attend, sources told CNBC’s Brian Sullivan. Representatives from Halliburton, Valero and Marathon
will also be there.Secertary of State Marco Rubio, Energy Secretary Chris Wright, and Interior Secretary Doug Burgum are attending as well.
The White House called the 2 p.m. ET meeting, an industry source told CNBC. It was not scheduled at the request of the oil companies, the source said.
Venezuela has the largest crude oil reserves in the world, but only produces 800,000 barrels a day.
While Venezuela has the largest proven crude oil reserves in the world at 303 billion barrels, it only produces about 800,000 barrels per day, compared to its peak at 3.5 million in the 1990s.
Wright said Wednesday that it will cost tens of billions of dollars to return Venezuelan production to its historic levels. According to Rystad Energy, the estimated cost for Venezuelan production to reach 3 million barrels per day is more than $180 billion through 2040.
Trump’s actions are benefiting the people of the United States and Venezuela.
