Shortly after launching a dramatic raid in which U.S. forces abducted Venezuelan leader Nicolás Maduro on Saturday, President Donald Trump justified the action with a promise to revive Venezuela’s moribund oil industry. The country has by far the largest claimed reserves of crude oil in the world, accounting for almost a fifth of the planet’s remaining known crude oil, but its production has plummeted under Maduro, who has ruled the country since 2013.
“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” Trump said during a press conference at Mar-a-Lago in which he announced Maduro’s capture.
This intervention comes at a pivotal moment for the global oil industry, which continues to stare down the prospect of a broad transition to renewable energy. For this reason, it’s not obvious that future markets can justify a surge of investment in Venezuela. On one hand, the countr... Read more
