President Trump’s focus on Venezuela’s oil industry includes plans to tap its reserves and increase production. The U.S. aims to secure Venezuelan oil for domestic use, providing 30-50 million barrels. Sanctions have been lifted to facilitate global oil sales. Interest in Venezuela’s vast oil reserves is driven by global demand projections.

Venezuela holds an estimated 303 billion barrels of crude oil, about 17% of global supply. The nation’s reserves are known but underutilized due to infrastructure issues. Energy experts predict a global oil shortage in the future, making Venezuela’s resources crucial for meeting demand.

Increased Venezuelan oil production could benefit U.S. refineries and consumers. The heavy, sour crude from Venezuela is in high demand by Gulf Coast refineries. Processing Venezuelan oil could lower gas prices and increase diesel and jet fuel availability in the U.S.

Major U.S. oil companies are eyeing potential investments in Venezuela. Despite past nationalization and sanctions, new leadership could spark infrastructure development. Trump believes the oil industry could be rebuilt in 18 months with U.S. support, but political instability and damaged infrastructure pose challenges.

Venezuela faces production hurdles including damaged equipment and infrastructure. Billions in investment are needed to maintain or increase oil production. A regime change may not rapidly boost output, as seen in other oil-producing countries. Challenges include technical expertise shortages and political instability.

Read more at Yahoo Finance: Why the US has designs on Venezuela’s oil