Venezuela's oil industry has been in the spotlight since US President Donald Trump used military force to capture the country's leader, President Nicolas Maduro.
In the days that followed, Trump said the US would run Venezuela and tap its oil reserves. He said Venezuela stole US oil, a reference to former Venezuelan President Hugo Chavez's move decades ago to nationalize hundreds of foreign-owned assets, including those owned by American oil companies.
Trump floated a plan for those companies to return and rebuild Venezuela's beleaguered oil industry. He later announced Venezuela would provide 30 to 50 million barrels of oil to the US, and Venezuelan state-owned oil company PDVSA said it is negotiations with the US government for the sale of crude oil.
The administration also “selectively” removed sanctions to enable the shipping and sale of Venezuelan oil to markets worldwide, saying the proceeds would settle in US-controlled accounts and be disbursed to the American and Venezuelan populations, according to the Energy Department.
The moves may be part of a long-term strategy to gain
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