"U.S. President Donald Trump accuses Venezuela of being a narco-state and its president, Nicolas Maduro, of leading the Cartel of the Suns, an alleged drug trafficking organization. Beyond the unsubstantiated accusations leveled by the Republican, Venezuela has the world's largest oil reserves, which Trump considers to be rightfully Washington's: Venezuela must return the oil, land, and other assets that they previously stole from us, he said on Tuesday."
"But regardless of Trump's supposed interest in ousting Maduro, crude oil is emerging as the ultimate prize for U.S. multinationals. Venezuela boasts the world's largest oil reserves, surpassing even those of Saudi Arabia or Canada. However, decades of underinvestment, corruption, mismanagement, and controversial expropriations have driven away foreign companies. Without their capital and technology, local businesses have been unable to exploit Venezuela's abundant Orinoco Belt oil fields, which hold more than 15% of the world's total reserves."
U.S. President Donald Trump accuses Venezuela of being a narco-state and alleges Nicolas Maduro leads the Cartel of the Suns. The U.S. announced a total blockade of sanctioned oil tankers entering and leaving Venezuela and deployed forces in the Caribbean as part of an offensive aimed at deposing Maduro, whom the U.S. labels illegitimate and a terrorist. Venezuela possesses the world's largest oil reserves and significant deposits of natural gas, gold, iron, bauxite, and coltan. Decades of underinvestment, corruption, mismanagement, and expropriations drove away foreign companies and prevented exploitation of the Orinoco Belt, which contains over 15% of global reserves. Crude oil is emerging as a strategic prize for U.S. multinationals.
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