U.S. Concludes Its First Sale of Venezuelan Oil
Additional oil sales are expected to materialize within the coming days and weeks, the official stated.
Earlier this month, President Donald Trump announced his intention to tap Venezuela's petroleum reserves—the world's largest—following US military action in the nation and the detention of President Nicolas Maduro.
Trump declared Friday that the oil sector would deliver a minimum of $100 billion to rehabilitate Venezuela's deteriorated energy infrastructure, though the source of that projection remains uncertain.
He further indicated the US will ship 30-50 million barrels of Venezuelan crude in partnership with American corporations.
Energy Chiefs Express Investment Skepticism
US energy industry leaders at the White House Friday challenged the administration's strategy to monetize Venezuelan oil assets.
"It's uninvestible," ExxonMobil CEO Darren Woods warned officials while discussing the challenges of conducting business in Venezuela. "There are a number of legal and commercial frameworks that would have to be established to even understand what kind of returns we would get on the investment."
Meanwhile, specifics surrounding the initial oil transaction remained undisclosed Wednesday.
"President Trump's team is facilitating positive, ongoing discussions with oil companies that are ready and willing to make unprecedented investments to restore Venezuela's oil infrastructure," White House spokesperson Taylor Rogers said in a statement, according to media.
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