US Venezuelan Oil Control 2026: Trump’s Explicit Play for Global Energy Dominance
US Energy Secretary Chris Wright announces indefinite control over Venezuelan oil. Analysts debate the geopolitical risks and the high cost of decaying infrastructure.
They've shaken hands, but the fist is tightly clenched. The United States government has declared its intention to control Venezuelan oil sales indefinitely. According to reports from Reuters, Energy Secretary Chris Wright stated on Wednesday that Washington needs this leverage to drive "changes that simply must happen" in the South American nation. This move comes just days after the abduction of leader Nicolas Maduro by US forces last Saturday.
US Venezuelan Oil Control Strategy: A Hardline Shift
The administration of Donald Trump announced a deal where Venezuela would surrender 30 million to 50 million barrels of sanctioned oil for the US to sell. On Friday, executives from oil giants like ExxonMobil, ConocoPhillips, and Chevron are scheduled to meet with the president to discuss potential investments. However, industry analysts remain skeptical. "The US government can absolutely intervene, but I don't know of anything that would meaningfully benefit shareholders given the massive costs involved," Jeff Krimmel, founder of Krimmel Strategy Group, told reporters.
Lessons from Iraq: Why Controlling Venezuela’s Oil Is Complicated
The intervention draws immediate parallels to the 2003 Iraq invasion, but the context has shifted. While the Bush administration denied oil was the motive, Trump has been explicit: "We’re going to keep the oil." Yet, geopolitical expert Anthony Orlando notes that the unipolar world of 2003 is gone. China, now a peer competitor and the largest buyer of Venezuelan crude, has numerous ways to push back against US actions, including proxy conflicts.
Furthermore, Venezuela's infrastructure has crumbled. Production averaged only 1.1 million bpd last year, a sharp drop from 3.5 million bpd in the 1990s. Extracting its heavy oil requires sophisticated technology and blending with lighter US grades, making any ramp-up in production both slow and prohibitively expensive. This creates a scenario where major oil companies might have to divert capital from other profitable regions, risking significant shareholder pushback.
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