US-Venezuela Tensions: Oil Industry Impact

Tensions rise between the U.S. and Venezuela, potentially reshaping the global oil industry. Venezuela, with the worlds largest crude oil reserves, could see a leadership change, affecting U.S. access to its heavy crude. This situation impacts U.S. influence in the Western Hemisphere and Latin America. While regime change is uncertain, easing sanctions could help Trumps goal of low U.S. gasoline prices. Venezuela, an OPEC founding member, remains in the cartel despite U.S.-OPEC disagreements. Trumps administration has sought closer ties with Saudi Arabia, OPECs leader. Tensions escalated with the U.S. seizing an oil tanker and imposing new sanctions. Lifting sanctions and providing support could boost Venezuelas oil production, requiring significant investment for joint ventures in the Orinoco Belt.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.