Business
US now in control of Venezuela’s oil reserves, the largest in the world
President Donald Trump addressed the nation about the U.S. capture of Venezuelan President Nicolás Maduro and his wife.
Following the dramatic capture of Venezuelan President Nicolás Maduro, the U.S. is now positioned to exert significant influence over the future of the world’s largest oil reserves.
Venezuela, a country almost twice the size of California, sits atop extraordinary wealth.
At more than 300 billion barrels, Venezuela holds larger proven oil reserves than established energy heavyweights like Saudi Arabia, Iran and Kuwait.
The Latin American country is home to an estimated 300 billion barrels—roughly 20% of global supply and nearly quadruple what the U.S. has.
Much of that oil, however, is difficult and expensive to produce.
Venezuela’s reserves are dominated by heavy and extra-heavy crude oil that requires specialized equipment, constant maintenance and advanced refining capacity, much of which has deteriorated after years of underinvestment, U.S. sanctions and political instability.
‘WE BUILT VENEZUELA’S OIL INDUSTRY:’ TRUMP VOWS US ENERGY RETURN AFTER MADURO CAPTURE
An exterior view of the El Palito refinery in Puerto Cabello, Venezuela, a facility owned and operated by the country’s state-run oil company. (Jesus Vargas/Getty Images / Getty Images)
Similar dynamics have unfolded in places like Iran and Libya, where turmoil, financial distress and crumbling infrastructure have kept vast reserves locked underground.
Over the weekend, President Donald Trump said he would seek to revive the once-prominent commodity by mobilizing investment from major U.S. energy companies.
“We are going to have our very large United States oil companies go in, spend billions of dollars, fix the badly broken oil infrastructure and start making money for the country,” Trump said during a news conference at Mar-a-Lago.
VENEZUELA STILL OWES U.S. ENERGY COMPANIES BILLIONS AS TRUMP CALLS FOR NEW INVESTMENT
Chevron said in a statement to Fox News Digital that it is following “relevant laws and regulations” in the wake of the U.S. mission that captured Venezuelan President Nicolas Maduro. (Brandon Bell/Getty Images / Getty Images)
American energy firms have yet to say whether they plan to return to Venezuela to resurrect an oil industry hollowed out by years of neglect.
Chevron, the only U.S. oil titan operating in Venezuela, said in a statement to Fox News Digital that it was following “relevant laws and regulations.”
“Chevron remains focused on the safety and well-being of our employees, as well as the integrity of our assets,” a Chevron spokesperson added.
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ConocoPhillips wrote in a statement to Fox News Digital that it is monitoring the developments in Venezuela as well as the “potential implications for global energy supply and stability.”
“It would be premature to speculate on any future business activities or investments,” a spokesperson for ConocoPhillips added.
ExxonMobil, the largest U.S. oil company, did not immediately respond to a request for comment.
