U.S. President Donald Trump announced that Venezuela has approved American companies to immediately begin refining and selling Venezuelan oil, in a move he described as part of his administration’s strategy to revive the country’s energy sector.
Speaking to more than a dozen U.S. energy executives on Friday, in remarks broadcast by CNN, Trump emphasized that Venezuela would receive substantial revenues from oil production while U.S. companies would play a leading role in its revitalization.
Trump said that U.S. firms would invest at least $100 billion of their own funds, not federal money, into Venezuela’s oil infrastructure, aiming to increase production and ensure the safe distribution of oil. He stressed that companies would not require U.S. government financing but would need governmental protection and security to operate safely in the country.
“The plan is for the U.S. to immediately begin refining and selling up to 50 million barrels of Venezuelan crude, indefinitely,” Trump said, adding that he would personally decide which American companies would be allowed to participate.
He also highlighted that Venezuelan oil resources would be distributed among Venezuela, the United States, and participating U.S. companies. Trump further noted that Venezuela could eventually produce more than half of the global oil supply, asserting that the Venezuelan government “respects us now” and that other world leaders have praised U.S. efforts to stabilize the country.
Trump underscored that the U.S. remains open to business with other countries, saying, “China can buy all the oil it wants from us, whether here or in the United States, and Russia can get all the oil it needs from us.”
Regarding potential military action, Trump said he does not anticipate a second wave of strikes in Venezuela but confirmed that a U.S. naval fleet remains positioned offshore in case circumstances change.
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