Venezuela News Updates

TotalEnergies CEO Patrick Pouyanne said it would take years to increase Venezuela’s oil output to above 3 million barrels a day from less than 1 million currently.

“I didn’t like Exxon’s response,” Trump said to reporters on Air Force One as he departed West Palm Beach, Fla., on Jan. 11. “They’re playing too cute.”

President Donald Trump called on oil executives to rush back into Venezuela as the White House looks to quickly secure $100 billion in investments to revive the country's petroleum reserves.

Among the companies attending are Chevron, which still operates in Venezuela, and Exxon Mobil and ConocoPhillips, which both had oil projects in the country that were lost in 2007.

Chevron, the sole Western supermajor permitted to pump Venezuelan oil, is loading tankers at the fastest pace in seven months as the U.S. government moves to control the nation’s crude riches. 

Oil companies are wary of spending tens of billions of dollars into the country over the next decade and are looking for guarantees of physical and financial security amid stability concerns.

Trump's administration intends to control the distribution of Venezuela’s oil products globally following its ouster of President Nicolás Maduro in a surprise nighttime raid.

U.S. European Command announced the seizure of the Bella 1. Secretary of Homeland Security Kristi Noem revealed that U.S. forces also took control of the tanker Sophia in the Caribbean.

The White House is organizing a meeting Jan. 9 with U.S. oil company executives to discuss Venezuela. Representatives of Exxon, Chevron and ConocoPhillips are expected to attend.