Trump Meets with Oil Companies on Venezuela, Stocks Surge, More
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What is the main topic discussed in this episode?
News when you want it with Bloomberg News Now. I'm Ed Kalecki. Major U.S. oil executives expressed caution to President Trump about re-entering Venezuela, even as the president pressured their companies to spend at least $100 billion to revive the country's production. Trump convened nearly 20 industry representatives in the East Room of the White House Friday and predicted they could come to an agreement today or very shortly thereafter to restart operations in the oil-rich Latin American country following the brazen capture of President Nicolas Maduro.
What did Trump discuss with oil executives regarding Venezuela?
our giant oil companies will be spending at least $100 billion of their money, not the government's money. They don't need government money, but they need government protection and need government security that when they spend all this money, it's going to be there. So they get their money back and make a very nice return. The plan is for them to spend at least $100 billion to rebuild the capacity and the infrastructure necessary.
U.S. Energy Secretary Chris Wright was part of President Trump's meeting at the White House with major oil executives. Wright did not give details on any potential deals, but says Chevron's already on the ground there.
They're going to ramp up investments, I mean, immediately in the next few weeks. So yeah, can we achieve $100 billion investment over the next 10 years? I think absolutely. But we're one week in right now. So with President Trump's leadership, I think we've had a tremendous week of progress, transformation in Venezuela, and excited to see what comes in the weeks and months ahead.
Wright also addressed security guarantees for these oil companies. He says it's still too early to tell what security will look like, but insists U.S. troops are not part of the plan.
President Trump, of course, never rules out options, but that is definitely not in the plans. That is not the plan. The plan is to use the military power that's manning the blockade of the oil so we can stop the criminals and stop our adversaries from taking oil out of Venezuela and have a more orderly, safe process from what's going on.
Energy Secretary Chris Wright on Bloomberg's balance of power. President Trump says 30 million barrels of Venezuelan oil is already on its way to the U.S., worth about $4 billion. Venezuela's new leader is not backing down from her assertion that the U.S. orchestrated an illegal kidnapping with its seizure of President Nicolas Maduro. But she's also seeking more diplomatic engagement with Donald Trump. In a statement issued Friday, the government now led by acting President Delcy Rodriguez argued that Venezuela is a victim of an illegitimate and illegal criminal aggression that murdered more than 100 civilians and soldiers. Then a paragraph later, the government pivots to say it's looking into diplomacy to address the consequences of Maduro's capture in a work agenda of mutual interest.
A winning week for the U.S. stock market with new highs for the S&P 500 Index, the Dow Jones Industrial Average, and the Russell 2000 Index. We get more on this from Bloomberg's Charlie Pellett.
Stocks wrapped up the first full trading week of the new year with a 1.6% advance for the S&P 500 Index. It is the third weekly gain in four weeks. Small cap shares also advanced with the Russell 2000 Index climbing to a record as the rally broadened beyond just big tech names.
What are the implications of the $100 billion investment plan for Venezuela?
The jobs report reinforced Wall Street's bets that the Fed will leave rates on hold for the near term. For the week, the Dow was up 2.3%, while the Nasdaq Composite Index was up 1.9%. In New York, Charlie Pellett, Bloomberg Radio.
FHFA Director Bill Palti spoke with reporters about Trump's mortgage bond plan and Freddie Mac Fannie Mae.
I think that Fannie and Freddie have way more liquidity than we know what to do with. And so we believe in the mortgage market. We believe that the mortgage market is very sound. The mortgages that we're underwriting are not like they were in 2008. And so we feel very confident in our liquidity position.
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