Episode summary
Oil Chiefs Lukewarm as Trump Pushes $100 Billion Venezuela Plan | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 38 min · Hosts: Carol Massar, Tim Stenovec · Guests: Ellen Wald, Rockford Weitz, Gregory Daco, Katie Hubbard
Summary
Major US oil executives are being asked to consider a Venezuela reopening plan backed by Donald Trump, but the discussion on the show emphasized how far from a real investment decision the country still is. Ellen Wald said executives may be interested in Venezuelan barrels, yet they need rule of law, political stability, and assurances that contracts will be honored before committing tens of billions of dollars. She also stressed that Venezuela’s heavy crude is costly and slow to bring to market, so any production gain would take years, not months.
Wald framed the Venezuela push as part energy strategy and part foreign policy. She said Venezuelan oil could help the US displace Russian oil and give Trump leverage over Vladimir Putin, while also potentially benefiting India and other buyers looking for alternatives. But she argued that the administration must prove the investment environment is secure, especially after companies have been burned before.
Rockford Weitz broadened the picture, saying the move fits a new national security strategy aimed at strengthening US influence in the Americas. He argued Venezuela also signals to Russia and China that the US is willing to act quickly and forcefully, though he tied that to wider geopolitical bargaining, including Greenland and other Arctic issues. Later, Gregory Daulton said the oil plan could matter for inflation only if the cost of extraction and infrastructure does not overwhelm the upside.
Key takeaways
- Ellen Wald said oil companies will not commit serious money in Venezuela without rule of law, political stability, and contract protections.
- Wald argued Venezuelan crude is technically attractive but expensive and slow to produce, so new supply would not hit markets quickly.
- Wald said Venezuela could help the Trump administration squeeze Russian oil out of the market and pressure Vladimir Putin.
- Rockford Weitz said the Venezuela move fits a broader US strategy to strengthen its role as the primary great power in the Americas.
- Gregory Daulton said the inflation impact from Venezuelan oil depends on how much investment is needed to get production flowing over the ground.
Notable quotes
“they need rule of law. They need political stability and they need assurances that contracts will be honored”
“this is not uh the easiest oil to to drill for. I mean, we're talking about very sludgy tar sand like oil”
“Venezuelan oil could be very advantageous for the Trump administration in terms of replacing Russian oil”
“Under the ground, the story is very positive. Over the ground, much less so”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news.
This is Bloomberg Business Week Daily, reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy. Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenc on Bloomberg Radio.
I want to bring in Ellen Wald, president of Transversal Consulting, senior fellow at the Atlantic Council. She's also the author of Saudi Inc. It's the history of Saudi Arabia and Ramco.
She joins us from Florida. Uh Ellen, as Carol mentioned, lots of headlines coming from the White House right now. I won't rehash them, but what I want to hear from you is if that's enough to get these oil executives to make commitments to the tune of tens of billions of dollars in Venezuela.
I think we have to take these announcements with a bit of a grain of salt. I do think that oil executives are always excited to invest in areas where there's oil. Uh, but I do think that that what they're saying and and I'm not sure if this is being um communicated quite so um strongly by the Trump administration is that they need rule of law.
They need political stability and they need assurances that contracts will be honored. Uh because a lot of these companies have been burned twice by Venezuela and this is not uh the easiest oil to to drill for. I mean, we're talking about very sludgy tar sand like oil that requires, you know, billions of dollars in upgraders just to transport it uh to get it to the ships to get it out of Venezuela.
So, this is a a big investment. It's not like, you know, a shale oil well out in out in the Perian.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- venezuela oil investment
- trump $100 billion energy plan
- us nonfarm payrolls
- mortgage bond buying
- fannie mae freddie mac
Companies and tickers mentioned
- XOM
- Exxon Mobil
- EY
- Transversal Consulting
- Atlantic Council
- Walton Global
- Fannie Mae
- Freddie Mac
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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