12 articles · Updated · The Wall Street Journal · May 1
Exxon and Conoco sent teams to Caracas, while Trump adviser Jarrod Agen met Delcy Rodriguez as companies prepared memorandums and American Airlines restored Miami-Caracas flights.
The shift follows oil's rise above $105 a barrel, up more than 80% this year, and Venezuelan legal changes aimed at attracting foreign investors after years of nationalisations.
No major capital commitments have been made, and companies still cite legal risks and the need for democratic elections, even as US imports of Venezuelan crude reached 457,000 barrels a day in March.
What prevents a future Venezuelan government from re-nationalizing foreign oil assets after billions are invested?
Is U.S. control of Venezuela's oil revenue a rescue plan or a new form of economic colonialism?
Is this American-led oil boom a genuine path to democracy or a geopolitical power play for resources?