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President Trump is framing the deal for a US stake in 65 billion barrels of Venezuelan oil as a victory that will lower gasoline prices and replenish depleted crude reserves. It’s far from certain the plan will lead to either during his presidency — if at all.
Trump pushed for a blockbuster move after growing frustrated that private oil companies, including ExxonMobil Holdings Corp. and ConocoPhillips, weren’t moving quickly enough to boost production in Venezuela, according to people familiar with the matter. By starting a new venture directly controlled by the US, his administration is seeking to give producers more confidence to commit to developing the 17 oil fields involved in the deal.
For more, we speak with Ellen Wald, President and Founder of Transversal Consulting & Senior Fellow at the Atlantic Council Global Energy Center.
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