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Striking it rich The US plan for involvement in Venezuela's 'bust' oil sector
The Guardian Weekly
|January 09, 2026
The Venezuelan oil industry has been “a total bust” for a long time, according to Donald Trump.
He promised to take control of it with the help of America’s biggest oil companies. Venezuela’s beleaguered oil industry could “make a lot of money” with the might of the US behind it, Trump told the press, claiming that the new regime would invest billions to revive its fortunes.
How much oil does Venezuela have?
Venezuela is believed to have the largest oil reserves in the world - as large as 300bn barrels, easily surpassing those of Saudi Arabia. Other estimates suggest Venezuela’s reserves of crude oil could represent about 17% of the world’s total.
Neglect, poor infrastructure, underinvestment and corruption have eroded the country’s oil industry and economy. Its output is roughly 1m barrels a day - compared with the more than 13m barrels of crude produced daily in the US.
What role could US companies play?
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