However, energy-industry observers told CNN that the US oil majors may face more risk than benefit from the world’s largest confirmed oil reserves, despite their allure. According to Trump, it would need billions of dollars to restore Venezuela’s devastated oil infrastructure in order to extract more oil from the country. Furthermore, the price of crude isn’t high enough to make this kind of investment a simple decision. Furthermore, the process of refining Venezuela’s specific brand of crude oil is costly in and of itself.
It would be difficult to sell in a politically stable nation, much less one that is experiencing a political crisis after its autocratic president was overthrown. According to Clayton Seigle, a senior fellow in the Center for Strategic and International Studies’ Energy Security and Climate Change Program, “this whole thing just leaves more questions than answers about the future political situation in Venezuela, and that’s going to be on the minds of corporate planners and industry planners who want to consider the good opportunities there.”
Venezuelan President Nicolás Maduro and his wife, Cilia Flores, were successfully apprehended and taken to New York on Saturday by special US forces conducting a massive US operation. The two were accused of weapons violations, cocaine importation conspiracy, and narco-terrorism conspiracy.
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