US EditionTrump backs Venezuela staying in OPEC
Trump supports Venezuela’s OPEC membership despite uncertainty over U.S. benefits as America seeks control over Venezuelan oil resources post-Maduro ousting.
- On Jan 14, President Donald Trump said he believes it would be better for Venezuela to remain in the Organization of the Petroleum Exporting Countries but was unsure if it benefits the United States.
- This month, U.S. forces ousted President Nicolás Maduro, and the administration said it would need to control Venezuelan oil resources indefinitely to rebuild the industry and pressure Caracas.
- OPEC coordinates supply policy to stabilise oil markets, cutting output when prices fall and raising it when demand warrants, while Saudi Arabia is widely seen as the group's de facto leader due to its dominant production capacity.
- White House aides and outside advisers told Reuters the Venezuela-OPEC topic has not been discussed internally and warned it could cause friction if U.S. production rises while OPEC cuts output.
- Venezuela holds vast crude reserves but has seen output collapse in recent years, while Iraq, Nigeria and Angola have long complained that quotas limit their production.
12 Articles
12 Articles
Trump backs Venezuela staying in OPEC
President Donald Trump said on Wednesday that he believes it would be better for Venezuela to remain in the Organization of the Petroleum Exporting Countries, or OPEC, but added he was unsure if that would be a better situation for the United States.
After the intervention of the United States in the Latin American country, the president still did not decide his fate in terms of oil production.
Trump says Venezuela may benefit from staying in OPEC, but U.S. interests unclear
U.S. President Donald Trump said on Wednesday he believes it would be better for Venezuela to remain a member of the Organization of the Petroleum Exporting Countries (OPEC), while adding that he was uncertain whether such an arrangement would serve… The post Trump says Venezuela may benefit from staying in OPEC, but U.S. interests unclear appeared first on The Asia Live.
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