American oil company CEOs feel increasingly ‘slighted’ by Trump’s focus on Venezuela: ‘That’s bad for U.S. producers’

Core Insights - President Trump's focus on international energy, particularly in Venezuela, is causing frustration among U.S. shale producers who are facing declining domestic profits [1][2][3] Group 1: U.S. Oil Production and Market Conditions - U.S. oil production is near all-time highs at 13.8 million barrels per day, but the benchmark price for crude oil is just under $60 per barrel, which is below the profit threshold for many American producers [4] - The number of active oil-drilling rigs in the U.S. has decreased by approximately 15% as of January 16, indicating a decline in drilling activity [4] - Despite high production levels, lower oil prices are negatively impacting U.S. oil producers' profitability [2][4] Group 2: International Focus and Investments - Trump is encouraging U.S. companies to invest over $100 billion in Venezuela to rebuild its infrastructure and increase heavy crude oil production [5] - The White House claims that Trump's energy policies have led to unprecedented opportunities for oil companies to invest in Venezuela, which holds the world's largest oil reserves [6] - U.S. shale producers express frustration over Trump's international focus and his efforts to engage with OPEC and other countries to increase oil production [6]