Trump has argued in recent days that American oil companies can fix Venezuela’s oil infrastructure. <\/p>\n
The country has an estimated 303bn barrels – the world’s largest proven reserve – but its oil production has been in decline since the early 2000s.<\/p>\n
The Trump administration sees significant potential for its own energy prospects in Venezuela’s reserves.<\/p>\n
Increasing the country’s production of oil would be expensive for US firms. <\/p>\n
Venezuelan oil is also heavy and more difficult to refine. There is only one US firm, Chevron, currently operating in the country.<\/p>\n
Asked for comment about Trump’s plans for US oil production in Venezuela, Chevron spokesman Bill Turenne said the company “remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets”.<\/p>\n
“We continue to operate in full compliance with all relevant laws and regulations,” Turenne added.<\/p>\n
ConocoPhillips, a major US oil company that no longer has a presence in Venezuela, “is monitoring developments in Venezuela and their potential implications for global energy supply and stability”, said spokesman Dennis Nuss.<\/p>\n
“It would be premature to speculate on any future business activities or investments,” Nuss said.<\/p>\n
A third company, Exxon, did not immediately respond to requests for comment.<\/p>\n","protected":false},"excerpt":{"rendered":"Trump has argued in recent days that American oil companies can fix Venezuela’s oil infrastructure. The country has…\n","protected":false},"author":2,"featured_media":679285,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,16,15],"class_list":{"0":"post-679284","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115852294439336743","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/679284","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=679284"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/679284\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/679285"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=679284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=679284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=679284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}