President Trump on Friday urged American and European oil companies to invest $100 billion in rebuilding Venezuela's oil infrastructure, but executives from major companies like Exxon Mobil and ConocoPhillips voiced concerns. The oil executives, who attended a White House meeting focused on Venezuela's future, stated that a stable and secure government, along with changes to the country's legal and commercial framework, would be necessary to justify such substantial investments, which could take decades to yield returns.
Trump expressed confidence that his administration could negotiate an agreement with the oil companies to establish conditions conducive to their return, without deploying U.S. troops or providing financial guarantees from the U.S. government. He projected that U.S. investment would revitalize Venezuela's oil industry and boost its struggling production, potentially leading to lower gas prices, reduced taxes, and job creation for Americans.
Darren Woods, the chief executive of Exxon Mobil, emphasized the need for durable investment protections for the company to consider returning to Venezuela. "We've had our assets seized there twice," Woods said during the meeting.
Venezuela's oil production has plummeted in recent years due to mismanagement, corruption, and U.S. sanctions. The country, which possesses the world's largest proven oil reserves, was once a major oil exporter, but its production has fallen to historic lows, exacerbating its economic crisis.
The Trump administration has been exploring various options to address the situation in Venezuela, including sanctions and diplomatic pressure. The push for private investment represents a potential shift in strategy, aiming to leverage the expertise and resources of the oil industry to revive the country's economy. However, the success of this approach hinges on establishing a stable and predictable investment climate in Venezuela, a challenge given the country's complex political and economic landscape. The executives' tepid response underscores the significant hurdles that remain in attracting foreign investment to Venezuela's oil sector.
AI-Assisted Journalism
This article was generated with AI assistance, synthesizing reporting from multiple credible news sources. Our editorial team reviews AI-generated content for accuracy.
Deep insights powered by AI
Continue exploring
The 2026 Breakthrough Technologies list highlights innovations poised to reshape industries, including sodium-ion batteries offering a safer, cheaper alternative to lithium for energy storage and electric vehicles, and AI-powered coding tools that are streamlining software development. Next-generation nuclear reactor designs are also noted for their potential to provide emission-free energy.
A recent $1.5 billion Ethereum theft from Bybit, attributed to North Korean hackers, highlights the increasing sophistication and financial motivation behind cryptocurrency attacks, potentially making 2025 a record year for digital asset theft. As cryptocurrency values surge past $4 trillion, companies like Ledger are emphasizing the need for advanced security measures to protect the growing ecosystem from well-funded and organized cybercriminals.
MIT Technology Review has released its annual list of 10 Breakthrough Technologies, highlighting innovations with the potential to reshape industries and improve global well-being. The list, compiled after months of internal debate, spotlights advancements poised to make a significant impact, and the publication is also soliciting votes for an 11th breakthrough technology to be recognized.
Air freight emissions have surged, prompting a search for sustainable solutions like Sustainable Aviation Fuel (SAF), which could drastically cut greenhouse gas emissions. The "book and claim" system offers a promising method for scaling SAF adoption by decoupling its physical use from its environmental benefits, potentially revolutionizing the aviation industry's decarbonization efforts.
Semantic caching, which focuses on the meaning of queries rather than exact wording, can drastically reduce LLM API costs, as demonstrated by a 73% reduction in one case study. Traditional exact-match caching fails to capture the significant portion of user queries that are semantically similar but phrased differently, leading to unnecessary LLM processing and increased expenses; semantic caching addresses this by caching based on the meaning of the query. This approach highlights the importance of understanding AI concepts like semantic similarity for optimizing LLM applications and managing their associated costs.
Semantic caching, a technique that focuses on the meaning of queries rather than exact wording, can drastically reduce LLM API costs by identifying and reusing responses to semantically similar questions. By moving beyond traditional exact-match caching, which often misses variations in phrasing, businesses can achieve significantly higher cache hit rates and decrease expenses associated with redundant LLM calls, as demonstrated by a reported 73% cost reduction. This approach highlights the importance of understanding AI's nuances to optimize performance and manage costs effectively.
DoorDash achieved significant growth, including global expansion and acquisitions of Wolt and Deliveroo, without replacing its initial Oracle NetSuite ERP system. By prioritizing a flexible, interconnected ecosystem, DoorDash enabled teams to utilize preferred tools, avoiding a costly and disruptive platform migration while scaling to serve over 50 million consumers across more than 40 countries.
A recent study rigorously tested over 50 heat protectant sprays, evaluating their effectiveness against damage from styling tools like flat irons and blow dryers. The research highlights the importance of choosing the right heat protectant based on hair type and styling needs, with top picks including Bumble and Bumble's Hairdresser's Invisible Oil Primer and Oribe's Gold Lust Dry Heat Protection Spray. This comprehensive analysis provides consumers with data-driven insights to minimize hair damage, showcasing how AI-driven testing can inform better product choices in the beauty industry.
DoorDash achieved significant growth, including global expansion and acquisitions, without replacing its initial Oracle NetSuite system. By prioritizing a flexible, interconnected ecosystem over a uniform platform, DoorDash enabled teams to utilize preferred tools, demonstrating a scalable approach to managing rapid growth and avoiding costly ERP overhauls.
The Hyte X50 distinguishes itself with a stylish, curved-glass design and unique color options, offering excellent cooling and component support while maintaining impressively quiet operation. Despite a less-than-ideal orientation for AIO CPU coolers, the X50's distinctive aesthetic and attention to detail are poised to influence case design trends, though its transparent panels demand meticulous builds.
A tester evaluated over 50 heat protectant sprays, considering factors like ease of use, marketing claim accuracy, and texture, to identify top performers for various hair types and styling needs. The study highlights the importance of selecting heat protectants tailored to specific applications, such as dry or damp hair use, and their role in mitigating heat damage, a crucial area for AI-driven hair care personalization.
Pet cameras are evolving beyond simple surveillance, integrating AI-powered features like pet tracking, treat dispensing, and interactive play, all accessible via smartphone apps. These devices, exemplified by models like the Furbo Mini 360 and Petcube Cam 360, offer "helicopter pet parents" enhanced peace of mind and a deeper connection with their animals, raising questions about the increasing role of technology in animal care and the potential for data collection.
Discussion
Join the conversation
Be the first to comment