Trump meets with oil companies in Venezuela

Donald Trump, the U.S. president, began a meeting at the White House with executives of some of the largest oil companies in the world on Friday. He said that increasing crude production from Venezuela will benefit the United States.

The meeting reflects Trump's importance for oil in his strategy towards the OPEC nation, after U.S. troops?seized South American leader Nicolas Maduro during a brazen raid overnight on the?capital of the country January 3.

Trump stated at the opening of the meeting that "we're going discuss how these great American firms can quickly rebuild Venezuela's dilapidated?oil industry and bring millions barrels of production to the United States, to the people of Venezuela and to the whole world."

He said, "We will be deciding which oil companies we allow into the field."

Officials in the Trump administration have stated that they must control Venezuela's revenue and oil sales for as long as possible to ensure it acts "in America's interest". They also want big oil companies to invest billions of dollars to rehabilitate Venezuela's fields.

The report states that companies such as Vitol, Trafigura, and Chevron are vying for U.S. licensing to market Venezuela's crude oil. However, oil majors have been reluctant to make long-term, large investments in Venezuela due to the high costs and political unrest.

The oil companies that are participating in these talks include some of the largest names, such as Exxon Mobil, ConocoPhillips, and Chevron. But there are also smaller independents, private equity-backed players and even some from Colorado, where Energy Secretary Chris Wright is based. Reporting by Sheila Dang and Nathan Crooks; Writing by Richard Valdmanis and Nia William; Editing and editing by Nathan Crooks & Nia Williams

(source: Reuters)