"Donald Trump has claimed that Venezuela will "turn over" between 30 and 50 million barrels of oil to the United States following a US-backed operation that removed President Nicolás Maduro from power. Posting on social media, the US president said the oil - worth an estimated $2.8bn (£2.1bn) at current market prices, would be sold by the US, with proceeds controlled by him and used "to benefit the people of Venezuela and the United States"."
"However, energy analysts have poured cold water on the timetable, warning that restoring Venezuela's oil industry would require tens of billions of dollars and could take a decade or more. Venezuela holds the world's largest proven oil reserves, estimated at more than 300 billion barrels, but output has been in long-term decline since the early 2000s due to underinvestment, mismanagement and international sanctions."
Between 30 and 50 million barrels of Venezuelan oil would be turned over to the United States after Nicolás Maduro's removal, with sales proceeds to be controlled by the United States and used to benefit Venezuelans and Americans. Maduro was flown to the US to face charges related to drug trafficking and weapons offences, and Delcy Rodríguez was sworn in as interim president. US oil companies are expected to resume operations within 18 months with American investment anticipated. Energy analysts warn that restoring the oil industry would require tens of billions of dollars and could take a decade or more. Venezuela holds over 300 billion proven barrels, but output declined due to underinvestment, mismanagement and sanctions.
Read at Business Matters
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