Trump met with Chevron and ExxonMobil on Tuesday to discuss Venezuela

[BumRushDaShow]

Source: Reuters

May 6, 2026 3:20 PM EDT Updated 11 hours ago


Wednesday, May 6 (Reuters) - U.S. ​President ‌Donald Trump ​told ​reporters on Wednesday ⁠that ​he ​met with top ​officials ​at Chevron (CVX.N), opens new tab and ‌ExxonMobil (XOM.N), opens new tab ⁠a day earlier ​to ​discuss ⁠Venezuela.

Read more: https://www.reuters.com/business/energy/trump-met-with-chevron-exxonmobil-tuesday-discuss-venezuela-2026-05-06/

---

Short article at post time.

[modrepub]

1. Probably Trying To Coax Them

To make some statement that they can magically increase Venezuelan oil production back the 3M bpd. Venezuelan oil production has increased somewhat and Trumpers are rejoicing. The math, however, escapes them and the M$M.

https://finance.yahoo.com/sectors/energy/articles/venezuela-oil-rebound-shows-why-200000767.html

[BumRushDaShow]

2. I know in the past

neither were too interested. They know once things resolve, there would be a glut on the market and a price crash.

[modrepub]

3. Makes Sense

But if Trump is telling them how much damage there is to ME oil infrastructure that might entice them to “invest” in Venezuelan infrastructure. At least, if in the short term, they can get a bump in production.

And as a side benefit, they could use any information gleaned from Trump to place bets on future oil prices.

[BumRushDaShow]

5. The issue is not much a production one now

(from here- https://www.visualcapitalist.com/ranked-worlds-biggest-producers-of-crude-oil/)

but a refining one. You also have one of the biggest consumers - China - moving towards alternatives like wind.

[modrepub]

6. And Each Crude

Yield different amounts of petroleum product. US tend to have lighter crudes that yield more usable products (gas, diesel, jet fuel) but most US refiners are set up for heavier sour crudes. Thus we export our oil and import heavier stock from overseas, which is cheaper feed stock thus larger margins for refiners.

In reality the global energy market is like a huge ballroom dance with thousands of couples. Left alone it works itself out, controlled chaos. What Trump and the Israelis have done is thrown thousands of marbles over one part of the dance floor. The music is playing and some couples are still dancing. But lots of people have taken headers and the marbles are scattering to other places on the dance floor.

[BumRushDaShow]

7. IOW

"He has meddled with the primal forces of nature."

He fancies himself a player in that ecosystem and has been trying for decades to become a part of it through superficial means. But as a rank amateur and an unstable chaos agent, he is continually being shunned.

[SamuelAdams]

4. This makes little sense for the oil companies.

They would need to invest billions to fix the infrastructure. It will take years to fix. A new president takes office in less than 3 years. Us stealing Venezuelan oil will require spending heavily on ongoing military security so private oil companies can make a profit. There's no reason to think that would have bipartisan, long-term support.