Energy experts say the US and China are diverging on the energy transition, with China sprinting far ahead on renewables and EVs, while the US doubles down on drilling oil at home and abroad.

Major oil companies are uninterested in making significant investments in Venezuela, Treasury Secretary Scott Bessent said Thursday, casting doubt on President Donald Trump’s aspirations that they’ll join the U.S. government’s effort to revive Venezuela’s oil industry.

In a social media post on Tuesday, Trump said Venezuela would hand over 30 to 50 million barrels of oil to the U.S., which in turn would sell them at their market price. The resulting funds -- as much as $2.8 billion at current prices -- will “benefit the people of Venezuela and the United States,” Trump said.

Venezuela’s oil industry has been in the spotlight since President Donald Trump captured the country’s President Nicolas Maduro.

Hundreds of miles above the Arctic Circle, an American oil company is attempting to extract billions of barrels of oil on Greenland, just as Trump is escalating tensions with the territory.

Oil companies aiming to participate in new exports of Venezuelan crude to the U.S. following the ouster of President Nicolas Maduro are in hasty discussions to find tankers and put together operations to transfer the crude safely from vessels and dilapidated Venezuelan ports,

Discover the top Russian oil companies by oil production volume and their domestic and international business operations.

The U.S. is looking at potentially lifting long-installed sanctions on Venezuela as the Trump administration seeks to tap into the South American nation's oil reserves, according to U.S. Treasury Secretary Scott Bessent.