From Venezuela to Libya to Iraq, removal of dictators has not always guaranteed a surge in oil production, data shows
Hours after Nicolás Maduro was captured by US special forces in Venezuela and indicted on drugs, weapons and “narco-terrorism” charges, Donald Trump spoke extensively about his plans for something else entirely: oil.
Venezuela’s oil reserves – reputedly the world’s largest – are set to be pumped by a parade of powerful US oil companies, according to the US president, most of whom have not operated in the country in decades.
“The oil companies are going to go in and rebuild their system,” Trump said on Sunday, describing oil’s nationalization in Venezuela as “the greatest theft in the history” of the US. “They took our oil away from us,” he declared.
US oil giants have been largely silent about Trump’s claim they will rush into Venezuela and invest billions of dollars in the process. Analysts are skeptical of the president’s vision of a significant increase in oil production in the country within 18 months. It’s far from the first time the industry has been at the center of global conflict.
