Trump Says U.S. Would Command Over Half of Planet's Oil

(MENAFN) President Donald Trump stated Friday that Washington could command over half the planet's petroleum output if American corporations reclaim entry to Venezuela's energy sector.

Venezuela, holder of the world's most extensive confirmed oil reserves, seized US corporate assets during the 2000s under socialist leader Hugo Chavez's administration.

Trump referenced the "unfair" nationalization among his justifications for deploying special forces last week to capture Chavez's successor, Venezuelan President Nicolas Maduro, from his Caracas residence.

"We're going to be working with Venezuela," Trump announced Friday during discussions with executives from petroleum giants ExxonMobil, Chevron, and ConocoPhillips at the White House.

"American companies will have the opportunity to rebuild Venezuela's energy infrastructure and eventually increase oil production to levels never seen before. When you add Venezuela and the United States together, we have 55% of the oil in the world," he added.

Following the session, Trump revealed US firms would commit no less than $100 billion toward Venezuelan oil development. Exxon CEO Darren Woods countered, however, that Venezuela remained "uninvestable" without regulatory reform and energy sector reorganization.

While Venezuela's government hasn't verified granting American companies access, Delcy Rodriguez, a close Maduro ally installed as acting president during his detention, indicated earlier this week that Caracas welcomed energy collaboration with all nations, including the US.

Venezuelan authorities have condemned what they characterize as Trump's scheme to plunder national resources and denounced Maduro's abduction as a flagrant sovereignty breach.

Maduro entered a not guilty plea to drug-trafficking and weapons charges when appearing before a US judge Monday.

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