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Trump’s Venezuela oil gambit stalls as major companies hesitate

FILE PHOTO: U.S. President Donald Trump gestures as he addresses House Republicans at their annual issues conference retreat, at the Kennedy Center, renamed the Trump-Kennedy Center by the Trump-appointed board of directors, in Washington, D.C., U.S., January 6, 2026. REUTERS/Kevin Lamarque/File Photo
Cassie Mellea
January 09, 2026

Trump’s push to lure major oil companies into rebuilding Venezuela’s battered industry is faltering, with top firms hesitant and insiders mocking empty promises. Treasury Secretary Scott Bessent says smaller independent companies are eager, but bigger one are playing it safe, worried about low oil prices and costly risks.

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Trump’s Venezuela oil gambit stalls as majors hesitate, insiders mock empty promises Trump’s Venezuela oil gambit stalls as majors hesitate, insiders mock empty promises

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