WASHINGTON, January 9. /TASS/. The global oil glut and low prices are pushing US President Donald Trump toward a more ambitious foreign policy, Axios reported.

According to the news outlet, "America's oil abundance is emboldening President Trump to wield power over Venezuela." Axios noted that the US oil boom, combined with a global oversupply of crude and low gasoline prices, is strengthening Trump’s foreign policy ambitions.

The authors of the article said that growth in domestic energy production gives the US administration significant leeway, as Washington does not have to worry about sudden spikes in global oil prices or rising gasoline costs at home due to geopolitical turmoil or crises.

Axios pointed out that over the past 15 years, US oil production has nearly tripled, largely due to shale output. At the same time, the outlet noted that, despite Trump’s promises, American oil companies are reluctant to invest substantial funds in Venezuela.

Energy analyst Ellen Wald said one of the main obstacles to restoring Venezuela’s energy sector is the current low oil price, which has fallen below $60 per barrel, making production in the country unprofitable.

Trump is expected to meet with senior executives from major oil companies at the White House on Friday at 2:30 p.m. local time (7:30 p.m. GMT). According to CBS News, representatives of 17 companies — including Chevron, Exxon, ConocoPhillips, Continental, Shell and Eni — are set to attend. The meeting will focus on the restoration of Venezuela’s oil sector.