Oil prices and Trump's Venezuela reserves plan
U.S. President Donald Trump announced an unprecedented campaign to take control of approximately 20% of Venezuela's massive oil reserves, aiming to support the country's struggling energy sector and provide the American market with a new source of oil. Venezuela's proven reserves are estimated at more than 65 billion barrels, but current production is less than 1.5 million barrels per day due to lack of investment, sanctions, and mismanagement. The interim Venezuelan government welcomed the deal, which could help revive the economy and increase revenues, but analysts warned that the market needs more details before assessing its impact on prices or its short-term benefits, especially since boosting production and developing infrastructure will take years.
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