Trump Just Took Venezuela's Oil (What You MUST Know)
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President Trump announced that the United States has effectively taken control of Venezuela's oil operations following the removal of Nicholas Maduro, signaling a seismic shift in global energy and geopolitics. Venezuela holds the largest oil reserves in the world, about 303 billion barrels. 20% more than Saudi Arabia. Most of Venezuela's oil is heavy crude, thick and goo-like, extremely expensive to extract and difficult to refine.
Texas and Louisiana host six of the largest crude refineries in the world.
US refineries: one in California, one in Illinois, six in Texas and Louisiana.
Back in the early 2000s, Venezuela produced nearly 3.3 million barrels per day, roughly three times more than the United States at the time. By 2020, Venezuela's production collapsed to around 900,000 barrels per day while US production surged past 5 million barrels per day.
From January 2000 to August 2019, Venezuela outproduced Texas 3:1 in 2000. Shift around 2012-2013: Venezuela's production flat since 2002, Texas skyrocketed, overtaking in 2013-2014. After 2017, Venezuela plummeted while Texas skyrocketed.
US sanctions left Venezuela with outdated, broken infrastructure. Heavy crude requires advanced extraction methods like steam injection; without investment, production falls apart. Light oil is easy, heavy oil is not.
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