What to Know About Venezuela’s Oil Industry as Trump Plans U.S. Intervention
The New York Times••general
Key Points:
- President Trump stated that Venezuela’s oil industry could generate significant profits with U.S. support, following the capture of Venezuelan President Nicolás Maduro on federal charges.
- Trump emphasized that major U.S. oil companies would invest billions to repair Venezuela’s deteriorated oil infrastructure and boost production.
- He criticized Venezuela’s oil output as historically low compared to its potential, describing the industry as a "total bust."
- Venezuela holds the world's largest oil reserves, estimated at over 300 billion barrels, but currently produces only about one million barrels per day, roughly 1% of global production.
- Much of Venezuela’s oil is extra heavy, which makes it more costly and environmentally challenging to refine.
