Overview
- President Trump told major oil executives the United States will decide which companies may operate in Venezuela and said Washington is open to business, adding that China and Russia could purchase Venezuelan crude, potentially through U.S. channels.
- State oil company Pdvsa confirmed it has begun negotiations with the United States on oil supplies, while U.S. envoys work toward reopening the embassy in Caracas.
- ExxonMobil’s Darren Woods said investing is impossible under Venezuela’s current structures, as Chevron, Repsol and Eni expressed conditional interest, with Eni and Repsol also carrying billions in unpaid receivables due to payment restrictions.
- Rystad Energy estimates roughly $183 billion would be needed to lift output to 3 million barrels per day by 2040, contingent on legal reforms, operational security, dispute resolution with majors and a restructuring of Pdvsa.
- Interim president Delcy Rodríguez faces resistance from military-aligned figures led by Diosdado Cabello, while Trump escalated regional pressure by vowing no more oil or money for Cuba, a claim Havana rejected.