US Oil Stocks Surge After Trump’s Venezuela Declaration
Chevron Corp, the only major U.S. oil firm currently operating in Venezuela, saw its stock rise by up to 10% before markets opened. ConocoPhillips recorded an almost 9% increase, while Exxon Mobil Corp gained more than 3%.
After the capture of Venezuelan President Nicolas Maduro, Trump stated that the U.S. would be “very strongly” engaged in the nation’s oil industry.
“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” Trump said during a press briefing on Saturday.
Venezuela holds the world’s largest confirmed oil reserves, estimated at 303 billion barrels. Yet, production has dropped significantly in recent years due to government control of the industry, lack of investment, and international sanctions.
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