Trump to Meet Energy Executives to Outline Plan for Venezuela

The White House said President Trump will meet U.S. oil company executives to discuss investments aimed at restoring Venezuela's oil infrastructure; Venezuela holds the world's largest proved crude reserves but its production has fallen to under 1 million barrels per day.

President Trump will host U.S. oil company executives at the White House to outline a plan for Venezuela's energy sector. The meeting follows an administration announcement of an energy deal with Venezuela. Venezuela holds the world's largest proved crude reserves, but production has dropped to less than 1 million barrels per day after years of disrepair and the withdrawal of many foreign operators. The White House said American companies will discuss investment opportunities to restore Venezuelan oil infrastructure. Key facts: - The White House announced a meeting with American oil companies to discuss investment opportunities relating to Venezuela's oil infrastructure. - Venezuela is reported to have the world's largest proved crude reserves. - Production has declined to under 1 million barrels per day, down from roughly 4 million barrels per day in the 1970s. - White House spokeswoman Taylor Rogers described the initiative as a historic energy deal and said it would benefit the American people, energy companies, and the Venezuelan people. Summary: The meeting is intended to explore investment options aimed at restoring Venezuela's oil infrastructure and raising crude output from current levels. The administration framed the plan as a historic energy agreement. The timing and details of any follow-up actions beyond the White House discussions are undetermined at this time.