Venezuela, Trump and oil companies
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Oil stocks were soaring early Monday even as crude prices were largely unmoved following the surprise U.S. operation to capture Venezuelan President Nicolás Maduro.U.S. oil companies were by far the biggest risers in the S&P 500 in early trading—Chevron,
In recent days, U.S. military action in Venezuela and the capture of President Nicolás Maduro have prompted Washington to invite major American oil companies, including Exxon Mobil, to potentially invest billions of US dollars to rehabilitate the country’s damaged oil infrastructure over the coming years.
US has launched a military strike on Venezuela. Here's what this geopolitical developments means for XOM shares.
U.S. firms involved in the effort would face risks, León and Cinquegrana said. Chevron is currently the only U.S. oil firm operating in Venezuela, as part of a joint venture with the country's state-owned oil outfit.
President Donald Trump may have made a major miscalculation about Venezuela’s oil. Trump has expressed excitement over the prospect of US oil companies getting their hands on Venezuela’s vast oil resources.
It will take years and billions in investment to revitalize Venezuela’s oil industry, and energy producers will likely be cautious before stepping in.
President Trump said in his Saturday address that America’s biggest oil companies, based in Houston, will fix Venezuela’s broken industry.