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Trump's plan to seize Venezuela's oil is an uphill battle: Here's why
U.S. forces captured Nicolás Maduro to face narco-terrorism charges while American companies plan a $100 billion, decade-long effort to restore Venezuela's oil output.
- In an early Saturday statement, Trump said U.S. forces carried out a strike to capture Nicolás Maduro and his wife, with plans for U.S. to help restore Venezuela’s oil production.
- Venezuela holds 303 billion barrels, roughly 17% of global reserves, but production fell from 3.5 million barrels per day in 1999 to 1.1 million due to corruption and sanctions.
- Chevron, the only major operator remaining, produces about 250,000 barrels daily, but Monaldi warned, `The issue is not just that the infrastructure is in bad shape, but it’s mostly about how do you get foreign companies to start pouring money in before they have a clear perspective on the political stability, the contract situation and the like.`
- Analysts say markets are unlikely to move in the short term, as oil companies are still assessing the announcement and legal experts raise lawfulness concerns about seizing oil.
- Analysts estimate that raising output from one million barrels per day to four million will take about a decade and about a hundred billion dollars of investment, while political instability and disputes involving Venezuela's vice president will complicate restoration efforts.
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Bloomberg News: Impact of U.S. strike on Venezuela: The World’s Biggest Oil Reserves Just Opened Up – ‘Everything we thought we knew about world oil markets changed’
Bloomberg Excerpt: Everything we thought we knew about world oil markets changed with the capture of Venezuelan President Nicolás Maduro this weekend. The sight of the former strongman blindfolded …
Behind the spectacular kidnapping of Nicolas Maduro, Donald Trump now takes on his claims on Venezuelan oil. A black gold in the heart of an ancient economic and political arm between Washington and...
Coverage Details
Total News Sources36
Leaning Left5Leaning Right7Center18Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
L 17%
C 60%
R 23%
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