- President Donald Trump reserves the right to use military force to protect U.S. oil workers in Venezuela, the White House said.
- Trump prefers diplomacy but he will do what is in the best interests of the U.S. energy industry, White House press secretary Karoline Leavitt said.
- Trump has called for U.S. oil majors to invest billions of dollars to rebuild Venezuela’s energy sector after the overthrow of President Nicolas Maduro.
President Donald Trump reserves the right to use military force to secure oil interests in Venezuela, White House press secretary Karoline Leavitt said Wednesday.
“The president, of course, reserves the right to use the United States military if necessary,” Leavitt told reporters at a press conference.
Trump has called for U.S. oil majors to invest billions of dollars to rebuild Venezuela’s energy sector. When asked whether the president would deploy troops to protect U.S. oil workers, Leavitt said Trump would do what is in the best interests of the American people and the energy industry.
“It’s not something he wants to do, diplomacy is always the first option,” Leavitt said. The U.S. does not currently have troops on the ground in Venezuela, she said.
Trump will meet with oil executives at the White House on Friday, sources told CNBC’s Brian Sullivan. The CEOs of ExxonMobil and ConocoPhillips as well as a representative from Chevron are expected to attend the meeting.
Energy Secretary Chris Wright will speak with oil executives at Goldman Sachs’ annual energy conference in Miami on Wednesday, a Department of Energy spokesperson told CNBC.
Chevron is the only U.S. oil major operating in Venezuela, under a special license issued by the U.S.
The U.S. ousted President Nicolás Maduro in a military raid over the weekend and took him to New York where he faces charges in a federal drug-trafficking conspiracy indictment.
The Trump administration has built up military forces in the Caribbean, including the deployment of the USS Gerald R. Ford and its carrier strike group. The president told NBC News on Monday that the U.S. is not at war with Venezuela.
Energy analysts say U.S. oil companies will need certainty about the security situation and stability of the government in Venezuela to invest in the country.
Venezuela has the largest proven crude oil reserves in the world, according to the U.S. Energy Information Administration. The South American country was recently producing about 800,000 barrels per day, according to data from energy consulting firm Kpler.
Trump said Tuesday that Venezuela will send 30 million to 50 million barrels of sanctioned oil to the U.S., which will be sold at market prices. The energy secretary said Wednesday that the U.S. will control Venezuela’s oil sales indefinitely.
“We’re going to market the crude coming out of Venezuela — first this backed up stored oil and then indefinitely, going forward, we will sell the production that comes out of Venezuela into the marketplace,” Wright said at Goldman Sachs’ energy conference.
“We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” the energy secretary said.
