Trump's plan to seize and revitalize Venezuela's oil industry faces major hurdles
ABC7 Los Angeles••nation
Key Points:
- President Trump's plan to take control of Venezuela's oil industry and have American companies revitalize it is unlikely to impact oil prices immediately due to the country's deteriorated infrastructure and political uncertainty.
- Venezuela's oil production has declined from 3.5 million barrels per day in 1999 to about 1.1 million barrels today, largely due to corruption, mismanagement, and U.S. sanctions, despite having the world's largest proven crude oil reserves.
- Significant investment, estimated at around $100 billion over a decade, is needed to restore Venezuela's oil production to previous levels, but foreign companies require political stability before committing funds.
- Venezuela produces heavy crude oil essential for diesel and heavy fuels, and increased production could reduce reliance on
