Trump’s Desire for Venezuela’s Oil Sparks Questions About Feasibility and Challenges
Trump wants the US to profit from Venezuela’s oil, but there are big challenges ahead.
However, experts say his plan might be harder to put into action. Lorne Stockman from Oil Change International warns that there is a big gap between what Trump thinks and what is true in the oil world.
Venezuela has some of the largest oil reserves globally, but its production has dropped sharply since President Hugo Chávez took over in the 1990s. In 2018, Venezuela produced only 1.3 million barrels of oil a day, down from over 3 million in the late 1990s. Meanwhile, the US continues to be the top oil producer, averaging 21.7 million barrels a day in 2023.
Trump believes that increasing oil production in Venezuela would be good for the American oil industry. He expects US companies to lead this effort. This idea fits with his previous belief that the US should have taken oil from Iraq to offset war costs.
Rory Johnston, a researcher on oil markets, compares Trump’s thinking to a game where you can control resources by taking over leaders. He thinks Trump may really believe this, even though it’s not true.