politics
February 1, 2026
US oil companies going to Venezuela
US President Donald Trump has said he has “major oil companies going to Venezuela now” following reform of the country’s hydrocarbons policy
TL;DR
- Venezuela has passed legislation to encourage foreign investment in its energy sector.
- The US Treasury issued a license authorizing certain dealings in Venezuelan oil.
- President Trump indicated US oil companies are exploring opportunities in Venezuela.
- Venezuela holds the world's largest proven oil reserves.
- The US had previously imposed sanctions on Venezuela's oil industry after nationalizations.
- Exxon CEO described Venezuela as "uninvestable" due to current frameworks, requiring durable investment protections.
- Russia condemned the alleged abduction of Venezuela's president by US forces, calling it 'international banditry'.
Continue reading
the original article