US Eyes Venezuela's Vast Oil Reserves Amid Global Energy Crunch

• The US, under former President Trump, expressed intent to control Venezuela's oil, citing nationalization by Hugo Chavez and proposing US companies rebuild the industry.
• Venezuela holds the world's largest oil reserves (303 billion barrels), but dilapidated infrastructure limits production to only 1% of global supply.
• US interest stems from a long-term strategy to secure heavy, sour crude for Gulf Coast refineries and potentially lower global energy prices.
• Rebuilding Venezuela's oil sector faces immense challenges, including political instability, damaged infrastructure, brain drain, and a need for billions in investment.
• Experts doubt a rapid increase in output, citing historical precedents like Iraq and Iran where regime changes led to production declines.

Why It Matters: US seeks Venezuela's oil for energy security, but rebuilding its industry faces major political and infrastructure hurdles.