What the US strike in Venezuela means for gas prices, oil
CNN••general
Key Points:
- Venezuelan President Nicolás Maduro was captured and removed from the country following a large-scale US strike on Caracas, creating uncertainty about Venezuela's political future and control over its vast oil reserves.
- Venezuela holds the world's largest proven oil reserves at 303 billion barrels, but its production has drastically declined under Maduro's socialist government due to economic crisis, sanctions, and deteriorating infrastructure.
- The immediate impact on global oil prices is expected to be muted since Venezuela’s current oil output is only about 1 million barrels per day, a fraction of its historical production and global supply.
- Venezuela’s heavy, sour crude oil requires specialized refining, and US refineries are well-suited to process it; unlocking this resource could benefit the US and global markets if international
