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US Energy Secretary to Meet Oil Executives This Week on Reviving Venezuela's Energy Sector

Deep News01-06

A source familiar with the matter revealed that US Energy Secretary Chris Wright plans to meet with oil industry executives this week to discuss how to revive Venezuela's energy industry following the detention of President Nicolás Maduro.

Wright will attend the Goldman Sachs Energy, Cleantech & Utilities Conference in Miami this week, where executives from companies including Chevron and ConocoPhillips are expected to be present. Chevron is currently the only major US oil company still operating in Venezuela.

US President Donald Trump has pledged to revitalize Venezuela's oil sector. Due to years of underinvestment and mismanagement, production has plummeted in the country, which holds the world's largest crude oil reserves. President Trump estimates that rebuilding the industry will require billions of dollars, but it remains unclear whether foreign companies are willing to undertake this task and its inherent risks.

US Secretary of State Marco Rubio stated in an interview with CBS that for companies to invest in Venezuela, there must be "certain guarantees and conditions."

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