Donald Trump has stated that Venezuela’s vast oil reserves were a key reason for seeking to remove President Nicolas Maduro. Venezuela holds the world’s largest untapped oil reserves, primarily in the Orinoco belt, but production has dramatically declined under Maduro’s government. While US oil companies are poised to invest billions to revitalize the industry, significant production increases will take time, with current output at less than one million barrels a day, mostly exported to China. The impact of regime change on oil prices remains uncertain, with broader market dynamics likely to outweigh the effects of Venezuelan crude supplies.
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