""With greater access to and influence over a substantial portion of global reserves, the US could potentially exert more control over oil market trends, helping to stabilize prices and keep them within historically lower ranges," according to JP Morgan. "This increased leverage would not only enhance US energy security but could also reshape the balance of power in international energy markets.""
"The shale oil revolution made the U.S. the world's largest crude producer. Recent, massive oil finds off the coast of Guyana are largely controlled by ExxonMobil and Chevron. U.S. control of the Venezuelan energy industry, which sits on the world's largest oil reserves, could "reshape the balance of power in international energy markets," analysts with JP Morgan wrote Monday."
"Venezuela's oil industry is in disrepair after years of neglect and international sanctions. Yet some oil industry analysts believe that Venezuela could double or triple its current output of about 1.1 million barrels of oil a day and return the nation to historic production levels relatively quickly."
The shale oil revolution made the U.S. the world's largest crude producer. Massive offshore oil finds near Guyana are largely controlled by ExxonMobil and Chevron. U.S. influence over Venezuelan energy assets, which sit atop the world's largest oil reserves, could reshape the balance of power in international energy markets. Consolidation under U.S. influence could position the U.S. as a leading holder of global oil reserves, potentially around 30% of the global total. Venezuela's oil industry is in disrepair after years of neglect and sanctions, but output could double or triple from about 1.1 million barrels per day with investment. Political risks, damaged infrastructure, and low oil prices could delay restoration and large-scale investment.
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