Trump claims the US is seizing Venezuela’s oil assets. Here’s what that implies
US Plans to Oversee Venezuela's Oil Industry
On Saturday, former President Donald Trump announced intentions for the United States to oversee Venezuela's vast oil reserves and encourage major American companies to invest heavily in reviving the nation's struggling oil sector. Venezuela holds approximately 303 billion barrels of crude oil, representing nearly 20% of the world's known reserves, according to data from the US Energy Information Administration (EIA). The country's significant oil resources are expected to be pivotal in shaping its future. Since oil futures are not traded over the weekend, the immediate effect on oil prices remains uncertain. Trump indicated that the US would manage the operations moving forward.
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