5 things to know about Venezuela's oil industry, US involvement
5. US military action reopens potential
Claiming past Venezuelan governments "stole" or "seized" American oil assets in the country and cost the U.S. billions of dollars, Trump said over the weekend that U.S. oil executives are eager to participate in rebuilding the country's dilapidated oil infrastructure to sell to other countries such as China, Russia, Iran and other nations.
Given its presence in Venezuela, Chevron is the U.S. company best positioned to expand post-Maduro, though others could potentially return if sanctions ease and political stability is restored, according to CNBC.
Industry sources who spoke to the outlet said there are no concrete plans for U.S. oil companies to go back into the country.
A spokesperson for Conoco said the company is "monitoring developments in Venezuela and their potential implications for global energy supply and stability," but that it "would be premature to speculate on any future business activities or investments," according to the outlet.
Analysts who spoke to the AP expressed optimism that oil production in Venezuela could rebound relatively soon if all goes well.
"But if it seems like the U.S. is successful in running the country for the next 24 hours, I would say there would be a lot of optimism that U.S. energy companies could come in and revitalize the Venezuelan oil industry fairly quickly," Phil Flynn, a senior market analyst at the Price Futures Group, told the outlet.
