"The capture of Maduro and Trump's comments comes at a time when even a country like Venezuela with one of the biggest oil resources in the world isn't a sure bet for attracting major oil companies. Many oil companies have been bruised by their past experiences operating in the country. The global oil market is currently facing an oversupply. Oil prices are below $60 a barrel, and long-term projections for oil demand are unclear as the world shifts to more electric vehicles."
"Venezuela has huge oil reserves, but now produces a fraction of what it used to Venezuela was once one of the biggest global oil producers and was one of the main founders of the Organization of Petroleum Exporting Countries (OPEC), a group of some of the world's biggest oil producers, whose decisions help determine global oil prices. Venezuela has the largest proven reserves of oil in the world, according to OPEC."
U.S. forces captured Venezuelan president Nicolás Maduro; President Trump said large U.S. oil companies will spend billions to fix Venezuela's oil infrastructure and profit. Venezuela holds the world's largest proven oil reserves but current production has collapsed from over 3 million barrels per day to about 1 million barrels per day, roughly 1% of global output. Much Venezuelan crude once went to U.S. refineries; now much goes to China, and companies remain reluctant after damaging experiences. Global oil markets face oversupply, prices are below $60 per barrel, and long-term demand is uncertain as transportation shifts to electric vehicles; past U.S. interventions often failed, raising skepticism.
Read at www.npr.org
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