#venezuela-oil-reserves

#venezuela-oil-reserves

It doesn't have a short-term impact.

As a stunned world processes the U.S. government's sudden intervention in Venezuela - debating its legality, guessing who the ultimate winners and losers will be - a company founded in California with deep ties to the Golden State could be among the prime beneficiaries. Venezuela has the largest proven oil reserves on the planet. Chevron, the international petroleum conglomerate with a massive refinery in El Segundo and headquartered, until recently,

The oil sector's decline has been blamed on the combined effects of US sanctions and years of underinvestment, mismanagement and corruption under Maduro and his left-wing predecessor, Hugo Chavez. While the Trump administration could boost supply in the short term by lifting sanctions, restoring Venezuela's output to anything near peak levels would require huge investment and likely take years, according to energy analysts.