Trump Convenes US Oil Giants for Venezuela Rebuild Talks

Business
M
Moneycontrol•09-01-2026, 03:24
Trump Convenes US Oil Giants for Venezuela Rebuild Talks
- •Nearly 20 US oil executives, including Harold Hamm, to meet Trump at White House.
- •Discussion focuses on rebuilding Venezuela's battered energy sector, which has world's largest oil reserves.
- •Companies like Chevron Corp., Exxon Mobil Corp., ConocoPhillips, Vitol Group, Trafigura Group, Repsol SA, and India’s Reliance invited.
- •Rebuilding could cost $100 billion over a decade; companies wary without security guarantees.
- •Administration's plan to sell Venezuelan crude from storage already impacting markets.
Why It Matters: Trump pushes US oil firms to revive Venezuela's energy, facing high costs and security concerns.
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