Why the US has designs on Venezuela's oil

Core Insights - Venezuela's oil industry is under scrutiny following U.S. military actions against President Nicolas Maduro, with President Trump indicating intentions to control Venezuela's oil reserves [1][2] - The U.S. plans to negotiate the sale of 30 to 50 million barrels of oil from Venezuela, with state-owned PDVSA involved in discussions with the U.S. government [2][3] - The U.S. administration has selectively lifted sanctions to facilitate the shipping and sale of Venezuelan oil, with proceeds intended for U.S.-controlled accounts [3] Oil Reserves and Production - Venezuela possesses approximately 303 billion barrels of crude oil, accounting for about 17% of the world's total supply, as per the U.S. Energy Information Administration [4] - Despite its vast reserves, Venezuela currently produces only about 1% of the world's oil due to deteriorating infrastructure [4] - Energy analysts express concern over future oil supply, predicting a significant challenge in meeting global demand in the coming years [5] Market Dynamics - In the short term, global oil supply exceeds demand, reducing the immediate necessity for increased Venezuelan production [5] - The International Energy Agency estimates that around 25 million barrels per day of new oil supply will be required by 2035 to maintain market balance under current policies [5]