Trump Hints at Venezuela Visit, Approves Oil Companies

U.S. President Donald Trump indicated he might visit Venezuela and that the U.S. has authorized five oil companies to operate in the country.

Trump stated that the U.S. has a "very good relationship" with Rodríguez, recognizing her as the official government of Venezuela. Specifically, he authorized BP, Shell, Eni, Repsol, and Chevron to work on oil and natural gas.

The licenses allow the companies to transact with the state-owned company PDVSA, with contracts governed by U.S. law. Payments will be made to accounts approved by the U.S. Treasury Department.

Chris Wright, the U.S. Energy Secretary, visited Caracas and promised increased oil production, while the U.S. embargo on Venezuelan oil has essentially ended.

Venezuela has the world's largest oil reserves, with over 303 billion barrels.