US President Donald Trump discussed the future of Venezuela’s oil industry a day after US special forces captured Venezuelan President Nicolas Maduro and his wife, Cilia Flores, in a pre-dawn raid on their Caracas residence. While the operation was officially aimed at targeting narco-terrorism, Trump highlighted the role of US oil companies in Venezuela. “We are going to have very large US oil companies going to Venezuela, spending billions of dollars, fixing the badly broken oil infrastructure and start making money for the country,” Trump said during a press briefing.
Venezuela’s Oil Constraints
He added that the US would sell Venezuelan oil to other countries in “much larger doses” than Venezuela could previously produce due to its failing infrastructure.
Venezuela holds 18 percent of the world’s known oil reserves, the largest globally but has been able to extract only about 1 percent due to heavy oil deposits, limited refining capacity, and a longstanding US embargo. Analysts say these factors mean the recent US operation will likely have little impact on the global oil market.
Heavy oil requires advanced refining facilities, which Venezuela lacked. The US embargo further restricted production, and it is unclear whether it will be lifted as US companies begin operations.
Maduro’s Ouster And Political Fallout
The raid ended 12 years of Maduro’s rule. He was flown to New York with his wife to face charges of drug trafficking and weapons possession. Trump followed the operation live from his Mar-a-Lago estate, describing it as “like I was watching a television show.”
Venezuela’s opposition leader, Nobel laureate Maria Corina Machado, called the events the country’s “hour of freedom” and urged that the opposition candidate in the 2024 election assume the presidency immediately. Trump, however, downplayed expectations for Machado herself, claiming she lacked support and respect in Venezuela.
