ANKARA 

US President Donald Trump said Venezuela has “started the process” of releasing political prisoners, as Washington moves to recalibrate its approach toward Caracas amid diplomatic and energy-related talks, media reports said on Saturday.

Speaking Saturday, Trump said the development followed contacts between US and Venezuelan officials and came as a US delegation arrived in Caracas on Friday to carry out what Venezuelan authorities described as “technical and logistical assessments” aimed at renewing diplomatic ties, according to CBS News.

He also said he had cancelled a previously expected second wave of military action against Venezuela, stating that cooperation between the two sides had been “working well together,” the report said.

He added that he plans to meet Venezuelan opposition leader Maria Corina Machado next week.

The political overtures coincided with a White House meeting Friday between Trump and executives from major US oil companies, where the president urged at least $100 billion in investment to revive Venezuela’s oil sector, according to the BBC.

Trump told executives that renewed oil production could help lower global energy prices, the BBC reported saying: “We are open for business.”

-‘Univestable,’ per ExxonMobil CEO

However, industry leaders voiced caution, citing security, legal, and investment risks.

ExxonMobil CEO Darren Woods said Venezuela was currently “uninvestable,” pointing to the company’s past experiences of asset seizures.

“To reenter a third time would require some pretty significant changes,” Woods said, according to the BBC.

Chevron, the last major US oil firm still operating in Venezuela, accounts for roughly one-fifth of the country’s current production, while Spain’s Repsol and Italy’s Eni are also active in the country, the BBC said.

Repsol indicated it could triple its output under the right conditions.

The White House has said it is working to selectively roll back sanctions and control oil sales by depositing proceeds into US-managed accounts.

Trump also signed an executive order preventing US courts from seizing Venezuelan oil revenues held in US Treasury accounts.

Despite the optimism expressed by the administration, analysts told the BBC that large-scale investment would be unlikely without political stability and legal guarantees, warning that Trump’s $100 billion target remains far from realistic.

Venezuela currently produces about 1 million barrels of oil per day, accounting for less than 1% of global supply, according to BBC figures.

“It’s going to be difficult to see big commitments before we have a fully stabilized political situation,” the BBC quoted Rystad Energy’s Claudio Galimberti as saying.