Rubio predicts 'dramatic interest' in Venezuela from Western oil companies
ABC News••general
Key Points:
- Secretary of State Marco Rubio stated the Trump administration is confident Western oil companies will be interested in returning to Venezuela if given the opportunity, though only Chevron currently operates there under a special license.
- Rubio emphasized that U.S. sanctions aim to prevent oil exports from Venezuela until governance reforms occur in the country's oil industry, maintaining a strict "quarantine" on sanctioned Venezuelan oil.
- He described Venezuela’s oil industry as largely dysfunctional and controlled by a few cronies who benefit financially while the country suffers, with production operating at about 18% capacity due to outdated equipment and illicit operations.
- Rubio ruled out using U.S. troops to secure oil fields, clarifying that sanctions enforcement targets preventing sanctioned oil shipments rather than military intervention.
