Trump said Venezuela stole America’s oil. Here’s what really happened
CNN••nation
Key Points:
- Venezuela’s transformation into a petroleum supergiant began in 1922 with the discovery of its most productive oil well, Los Barrosos-2, leading to a century of wealth, crashes, and political turmoil tied to its oil industry.
- The recent capture of President Nicolás Maduro by US forces aims to place Venezuela’s oil sector under US control, with President Trump expressing intentions for US oil companies to rebuild the country’s decayed oil infrastructure.
- Restoring Venezuela’s oil industry will be costly and complex, potentially requiring $10 billion annually and a quasi-governmental role for US companies, amid concerns over political stability and the military’s long-term control of PDVSA.
- Venezuela holds about 303 billion barrels of crude
