What the United States’ Takeover of Venezuelan Oil Reserves Could Mean

President Donald Trump on Saturday said the United States would take over control of Venezuela’s oil fields, the largest proven oil reserve on the planet. Here is what it means.

Venezuela has roughly 303 million barrels of crude, approximately one-fifth of the world’s global reserves, per the U.S. Energy Information Administration (EIA).

“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,” Trump said a press conference at Mar-a-Lago on Saturday.

American development of Venezuelan oil fields could help…

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