U.S. turns attention to Venezuela’s oil after Maduro’s capture, raising production and pollution questions

In the days after what the article describes as the extraordinary capture of Nicolás Maduro in Caracas, President Trump and his allies have emphasized plans to revive Venezuela’s oil industry. Mr. Trump said the U.S. would “spend billions of dollars, fix the badly broken infrastructure” and “start making money for the country,” and added the country would be “taking out a tremendous amount of wealth out of the ground.” Venezuela holds roughly 17 percent of the world’s known oil reserves—more than 300 billion barrels—but produces only about 1 percent of global output.

The article cites decades of underinvestment, mismanagement and U.S. sanctions as reasons for low production, and notes the country’s tar-like oil is costly to refine and, according to Lisa Friedman, generates far more carbon dioxide than lighter oils. Most Venezuelan shipments currently go to China.

Political signals are mixed. When asked what he needed from Delcy Rodríguez, a vice president under Maduro, Mr. Trump said, “We need access to the oil.” Rodríguez initially resisted but, the article says, later softened and said the country was ready to work with the U.S. Opposition leader María Corina Machado has signaled support for renewed privatization and told the outlet she is “talking about a $1.7 trillion opportunity.” The article highlights environmental concerns and investment challenges.

Key Topics

World, Venezuelan Oil, Nicolás Maduro, Donald Trump, Petróleos De Venezuela, Chevron