"We're going to have our very large United States oil companies-the biggest anywhere in the world-go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure,"
"The disconnect between the Trump administration and what's really going on in the oil world, and what American companies want, is huge,"
President Donald Trump said he expects large U.S. oil companies to invest billions to repair Venezuela's oil infrastructure following the capture of Nicolás Maduro. Venezuela holds some of the world's largest oil reserves, but production fell from over 3 million barrels per day in the late 1990s to about 1.3 million bpd in 2018. U.S. sanctions during the first Trump administration further reduced Venezuelan output. U.S. crude production reached 21.7 million bpd in 2023. Analysts warn that international oil prices, political stability, sanctions, and corporate risk appetites make rapid, large-scale U.S. investment and production increases unlikely.
Read at WIRED
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