Trump's Venezuela oil plan unlikely to impact oil prices soon
AP News••general
Key Points:
- President Donald 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 instability.
- Venezuela’s oil production has fallen from 3.5 million barrels per day in 1999 to about 1.1 million barrels currently, with experts estimating it could take a decade and $100 billion in investment to increase production significantly.
- Despite having the world's largest proven crude oil reserves, Venezuela's oil sector suffers from corruption, mismanagement, and sanctions, deterring foreign investment without political stability and reliable contracts.
- Increased Venezuelan oil production could benefit global markets by supplying heavy crude needed for diesel and asphalt, potentially reducing reliance on Russian oil and
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