Trump reserves right to use military to secure Venezuela’s oil interests

President Donald Trump reserves the right to use military force to protect Venezuela’s oil interests, White House press secretary Karoline Leavitt said Wednesday.

“The president of course reserves the right to use the United States military if necessary,” Leavitt told reporters at a news conference.

Trump called on US oil majors to invest billions of dollars to rebuild Venezuela’s energy sector. Asked if the president would deploy troops to protect U.S. oil workers, Leavitt said Trump would do what is in the best interest of the American people and the energy industry.

“It’s not something he wants to do, diplomacy is always the first option,” Leavitt said. The United States currently does not have troops on the ground in Venezuela, she said.

Trump to meet with oil executives at the White House on Friday, sources told CNBC Brian Sullivan. The CEOs of ExxonMobil, ConocoPhillipsand a representative of Chevron are expected at the meeting.

Energy Secretary Chris Wright will speak with oil executives at Goldman Sachs’ annual energy conference in Miami on Wednesday, an Energy Department spokesperson told CNBC.

Chevron is the only American oil company operating in Venezuela under a special license issued by the United States

The United States ousted President Nicolas Maduro in a military raid over the weekend and took him to New York where he faces charges in a federal trial. drug trafficking conspiracy indictment.

The Trump administration has been strengthening its military forces in the Caribbean, including by deploying military forces. USS Gerald R. Ford and its carrier strike group. The president told NBC News Monday, the United States is not at war with Venezuela.

Energy sector analysts say U.S. oil companies will need certainty about the security situation and the stability of the Venezuelan government. invest in the country.

Venezuela has the largest proven reserves of crude oil in the world, according to the U.S. Energy Information Administration. The South American country recently produced around 800,000 barrels per day, according to data from energy consultancy Kpler.

Trump said Tuesday that Venezuela would send the United States between 30 million and 50 million barrels of sanctioned oil, which will be sold at market prices. The Energy Secretary said Wednesday that the United States would control Venezuela’s oil sales indefinitely.

“We’re going to market the crude coming out of Venezuela – first with the stored oil, and then indefinitely, going forward, we’ll sell the production that comes out of Venezuela into the market,” Wright said at the Goldman Sachs energy conference.

“We need to have that leverage and control over these oil sales to drive the changes that simply need to happen in Venezuela,” the Energy Secretary said.