(NewsNation) — A second round of strikes on Venezuela that President Donald Trump said had been “previously expected” has been called off, citing what he described as cooperation with the United States.
On social media early Friday, Trump said the release of political prisoners signaled goodwill and praised the actions of Venezuela’s acting government.
The announcement came ahead of Trump’s meeting Friday with oil executives at the White House to discuss new investments in Venezuela.
“We’ve taken $4 billion worth of oil in one day, and that’ll increase,” Trump told Fox News on Thursday. “They’re going to make a lot of money, and Venezuela is going to get some of that money, and we’re going to get some of that money, and we brought stability to the region.”
Sources told NewsNation that representatives from the largest U.S. oil companies, including Chevron and Exxon, as well as other major producers, are expected to discuss Venezuela’s oil production and potential changes to sanctions.
Attention is also focused on whether the federal government will expand Chevron’s export licenses or set new rules governing who can produce, sell and buy Venezuelan oil.
How soon could Venezuela’s crude oil arrive in US?
The first shipments of Venezuelan crude oil could arrive at Texas ports as early as next week, according to shipping trackers, though the move faces pushback — including from Texas’ own oil industry.
Shipping trackers show Venezuelan crude on the way to the Gulf Coast, where refiners in Texas and Louisiana are built to process heavy oil.
These complex refineries, many of which have spent years upgrading equipment, stand to benefit by gaining access to cheaper, heavier crude that could boost their margins.
US shale firms warn against Venezuelan oil
Texas drillers argue an influx of Venezuelan oil could undercut American producers, hurt their bottom lines, and, in the long run, create unwanted competition.
Rep. Brian Babin, R-Texas, whose district includes several heavy crude refineries, said, “If Venezuelan oil is going to flow again, it should be refined on American soil, by American workers, strengthening American energy dominance.”
Shale industry executives warn that large volumes of Venezuelan oil could contradict “America first” energy goals.
White House: US to control Venezuelan oil profit
The Trump administration, however, says the U.S. has already started marketing the oil globally and is ready to take over “indefinitely.”
“All proceeds from the sale of Venezuelan crude oil and products will first settle in U.S.-controlled accounts,” said White House press secretary Karoline Leavitt. “Those funds will be disbursed for the benefit of the American people and the Venezuelan people at the discretion of the United States government.”
Trump also said he plans to meet with Venezuela’s opposition leader, Maria Corina Machado, next week.