"Hours after Nicolas Maduro was captured by US special forces in Venezuela and indicted on drugs, weapons and narco-terrorism charges, Donald Trump spoke extensively about his plans for something else entirely: oil. Venezuela's oil reserves reputedly the world's largest are set to be pumped by a parade of powerful US oil companies, according to the US president, most of whom have not operated in the country in decades."
"They took our oil away from us, he declared. US oil giants have been largely silent about Trump's claim they will rush into Venezuela and invest billions of dollars in the process. Analysts are skeptical of the president's vision of a significant increase in oil production in the country within 18 months. It's far from the first time the industry has been at the center of global conflict."
Nicolás Maduro was captured by US special forces and indicted on drugs, weapons and narco-terrorism charges. Donald Trump outlined plans for US oil companies to exploit Venezuela's reputedly vast oil reserves, claiming nationalization was the greatest theft and that companies would rebuild production systems. Major US oil firms have been largely silent about rapid re-entry and multi‑billion dollar investments. Analysts question the feasibility of a substantial production increase within 18 months. Venezuelan production rose in the 1990s but fell from the mid‑2000s after Hugo Chávez increased state control and expelled many foreign firms. US sanctions on Venezuelan oil ran from 2005 to 2022; Chevron resumed limited operations and remains the only US oil company currently active, while political instability may deter broader rapid investment.
Read at www.theguardian.com
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