If Venezuela becomes a major oil producer again, ‘that could cement lower prices’ long term and put pressure on Russia, analyst says

Group 1 - President Trump's plan to take control of Venezuela's oil industry and involve American companies is not expected to have an immediate impact on oil prices [1] - Venezuela's oil industry is severely damaged, and significant investments will be required to increase production, which currently stands at about 1.1 million barrels per day [2][3] - Analysts suggest that Venezuela could potentially double or triple its oil output to historic levels, but this will take time and investment [2] Group 2 - American oil companies are likely to wait for a stable political regime before making substantial investments in Venezuela [4] - If the U.S. appears successful in managing the country, optimism may rise regarding the revitalization of the Venezuelan oil industry, which could lead to lower oil prices in the long term [5] - Venezuela has the world's largest proven crude oil reserves, estimated at approximately 303 billion barrels, accounting for about 17% of global reserves [7] Group 3 - International oil companies are showing interest in Venezuela, with ConocoPhillips monitoring developments but refraining from speculation on future investments [8] - The oil market is currently experiencing a surplus, and Venezuela's production is already factored into OPEC's calculations, suggesting limited immediate price changes [6]