President Donald Trump announced that United States oil companies will “fix” Venezuela’s “badly broken” oil infrastructure after the capture of the country’s former dictator Nicolás Maduro.
Trump announced the plans during a press conference at Mar-a-Lago on Saturday hours after the American military carried out operation Absolute Resolve. He noted moments earlier that the United States will “run” Venezuela until time allows for a “proper transition.”
“As everyone knows, the oil business in Venezuela has been a bust, a total bust for a long period of time. They were pumping almost nothing by comparison to what they could have been pumping and what could have taken place,” he said.
“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country,” he added.
According to data cited by the Kobeissi Letter, Venezuela has a reserve of 303 billion barrels of oil, valued at a staggering $17.3 trillion, given that oil prices are trading at roughly $57 per barrel.
“Even if the U.S. sells this oil for HALF of the market rate, that’s still $8.7 TRILLION,” the Kobeissi Letter noted on X. “In other words, in 12 hours, the U.S. has gained control of oil reserves worth more than the entire GDP of ALL countries in the world, aside from the U.S. and China.”
“That’s 4 TIMES larger than the GDP of Japan,” it adds. “Most people do not realize how much the world just changed. Oil markets will react to this news for the first time on Sunday at 6 PM ET.”
Trump added that the United States remains prepared to carry out a second wave of the military operation, but the first wave went so well that it was unnecessary as of this writing. He emphasized America is still ready to conduct a second wave if needed.
“We are ready to stage a second and much larger attack if we need to do so. So we were prepared to do a second wave if we needed to do so. We actually assumed that a second wave would be necessary, but now it’s probably not,” he said.
“The first wave, if you’d like to call it that, the first attack was so successful, we probably don’t have to do a second, but we’re prepared to do a second wave, a much bigger wave, actually,” he added.
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