QUESTIONS BEYOND OIL

As the economic rivalry between China and the US intensifies, particularly in the race for AI dominance, reliable access to abundant energy while controlling energy flow to competitors will be indispensable

- Anas Alhajji

Nearly two weeks after US special forces invaded Venezuela to capture and extract Nicolas Maduro, many people believe that President Donald Trump was motivated to act by a desire to control the country's vast oil reserves.

But to what end? Does Trump want to boost profits for the US Gulf Coast refineries equipped to process Venezuela's heavy crude? Or is the aim to flood the global market, lower oil prices for American consumers, and, as a bonus, break up OPEC?

Whatever the goal of commandeering Venezuela's oil, achieving it depends on whether the country can significantly increase output.

Venezuela has the world's largest proven oil reserves, at an estimated 300 billion barrels, and has long been at the center of global energy geopolitics. Its heavy crude, especially from the Orinoco Belt, has historically played a critical role in supplying refineries optimized for such feedstock, including those along the US Gulf Coast. Asa result, many US administrations have regarded Venezuela as a strategic interest.