US Venezuela attack Oil market

Oil giants hesitant about Venezuela: “Uninvestable”

Executives in the US oil industry urged Donald Trump to be cautious about entering Venezuela again during tonight’s meeting at the White House, writes Bloomberg.

Exxon Mobil CEO Darren Woods said the country is “uninvestable” and pointed out that the company has had its assets confiscated there twice, writes the Financial Times.

– As you can imagine, a third return would require quite extensive changes, said Woods.

President Trump on Friday pressed oil companies to invest $100 billion in Venezuela.

– If you don’t want to join, just let me know, because I have 25 people who are not here today and would be happy to take your place, Trump said according to Bloomberg.

Also present were CEOs from Conoco Phillips, Shell, Halliburton, Valero and Marathon Petroleum, writes CNBC.

Trump: Oil giants to invest 100 billion in Venezuela

Oil giants promise to invest at least 100 billion dollars to revive Venezuela's oil sector. Donald Trump writes this on Truth Social ahead of a meeting later on Friday with leading representatives in the industry.

In the post, Trump also stated that he had called off a second attack on Venezuela because of what he called the country's "cooperation", including in terms of rebuilding [...] "the oil and gas infrastructure", writes AFP.

Analyst: Large gap between Trump and the oil giants

There is a clear contradiction between Donald Trump and the major oil companies that means that investment decisions in Venezuela will likely be delayed. This is what Handelsbanken's commodity analyst Christian Kopfer tells DN.

While Trump wants to push oil prices down to $50 per barrel to curb inflation and stimulate the economy, oil companies instead want high prices.

– Above all, they see a risk that their American shale oil operations will be put under severe pressure, says Kopfer.

Increasing Venezuela's declining oil production is at the same time no easy task that will require major investments, points out Nordea's energy analyst Thina Saltvedt in Ekonomiekot Extra.

– It's not just turning on a tap and increasing production, she says.

Seized oil tanker reportedly returned to Venezuela

The oil tanker that the US seized in the Caribbean Sea yesterday has reportedly returned to Venezuelan waters, writes TT, citing the news agency EFE.

According to the news agency, this is following cooperation between the US and Venezuela.

The oil tanker Olina was the fifth ship that the US has boarded in an attempt to take control of Venezuela's oil exports.

It is not clear from TT's text whether the US has confirmed the information.