Trump says US to start drilling for oil in Venezuela very soon

Air Force One — President Donald Trump said Thursday that U.S. oil companies will soon begin drilling for oil in Venezuela. The announcement comes despite concerns from energy firms about whether it would be feasible to restart operations quickly in the country.

Venezuela has long been one of the world’s major oil producers, but years of economic and political instability have weakened its oil industry. While Trump’s statement signals potential renewed U.S. involvement, experts say it could take time for companies to safely and effectively resume drilling in Venezuela.

Some U.S. oil companies have expressed caution, pointing to the challenges of restarting production in a nation facing ongoing economic difficulties and uncertain political conditions.

-Reporting by Jarrett Renshaw; Editing by Chris Reese/Reuters