Trump: Oil Giants to Invest $100 Billion in Venezuela

Former U.S. President Donald Trump says the world's largest oil companies are preparing to invest heavily in Venezuela. He stated that the "top 14 companies" plan to spend at least $100 billion in the sanctioned South American nation. The claim was made just one day before he was scheduled to meet with oil executives at the White House. "'The top 14 companies are coming here,'" Trump said, according to the source material. Venezuela has the world's largest proven oil reserves. However, its industry has collapsed due to years of underinvestment, mismanagement, and U.S. sanctions. A major influx of foreign capital would be required to revive production. The announcement signals a potential drastic shift in U.S. policy toward Venezuela if Trump wins the upcoming presidential election. Current sanctions severely restrict U.S. companies from doing business with Venezuela's state-owned oil firm.