In the days since U.S. President Donald Trump’s operation to capture Venezuelan President Nicolás Maduro, his administration has made clear it wants to control the South American country’s oil production. Venezuela’s oil production has long been hampered by both Venezuela’s mismanagement of its oil fields and U.S. sanctions. With Maduro in U.S. custody and his vice president, Delcy Rodríguez, acting as interim president, Trump’s team has said that they aim to revitalize the country’s oil sector. Following the Saturday raid on Caracas, Energy Secretary Chris Wright announced that the United States intends to oversee Venezuelan oil sales “indefinitely,” and Trump said U.S. oil firms are “ready” to reenter the country. In the meantime, Venezuela’s government has said it will transfer between 30 and 50 million barrels of sanctioned oil to the United States.
Increasing Venezuela’s Oil Output Will Take Several Years—and Billions of Dollars (Brad W. Setser – Council on Foreign Relations)
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