The United States has finalized its first sale of Venezuelan oil, valued at $500 million, according to a senior administration official. The official added that more oil sales are expected in the days and weeks ahead.
Since the US launched its military operation in Venezuela earlier this month and captured President Nicolás Maduro, President Donald Trump has made clear his intention to take advantage of the country’s vast oil reserves.
On Friday, Trump said the oil industry would invest at least $100 billion to rebuild Venezuela’s severely damaged energy sector. However, the administration did not clarify how that figure was calculated.
Energy Executives Express Doubts
Despite the administration’s ambitions, US energy executives voiced significant skepticism during a White House meeting on Friday. Several industry leaders questioned whether Venezuela is currently a viable place for investment.
“It’s uninvestible,” ExxonMobil CEO Darren Woods told administration officials, pointing to major legal and commercial barriers. He said Venezuela lacks the regulatory frameworks necessary for companies to evaluate potential returns on large-scale investments.
Other executives echoed similar concerns about the risks of operating in the politically unstable Latin American nation. Following the lengthy White House discussions, Trump and his senior advisers left the meeting without securing major financial commitments from oil companies.
Administration Defends Oil Strategy
Specific details about the first oil sale remained unclear on Wednesday. However, White House spokesperson Taylor Rogers said in a statement that “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.”
Meanwhile, Reuters reported on Wednesday that Venezuelan crude oil is being offered to traders at a discount compared to oil from other producers, including Canada — a move likely aimed at attracting buyers amid uncertainty surrounding the country’s energy sector.
