Following the capture of Venezuelan President Nicolas Maduro, US President Donald Trump announced that American oil companies will be sent to the country. He said the main goal of these companies will be to repair the country's collapsed fuel system. Analysts, however, suggest that the US has long had its sights on Venezuela's vast oil reserves, and the recent developments allow Washington to control the world's fifth-largest crude oil reserves.
Trump eyes Venezuela's oil
At a press conference on Saturday, Trump said that America's major oil companies, which are also the biggest in the world, will spend billions of dollars restoring Venezuela's fuel system. He added that this will also increase revenue for the country. The plan had been in preparation for months, and the US military operation in Caracas took place late Friday night, resulting in the capture of Maduro and his wife, Cilia Flores.
Also Read | Who is Delcy Rodriguez? Venezuela's interim president after Nicolas Maduro's capture
Venezuela's response and strategic importance
Venezuela's Supreme Court has appointed Vice President Delcy Rodriguez as the interim president. Upon taking office, Rodriguez condemned the US operation as 'barbaric' and declared that Venezuela would not bow to any foreign power. She emphasised that the country is prepared to protect its natural resources. Meanwhile, Trump stated that US Secretary of State Marco Rubio has been in contact with Rodriguez, claiming that America's and Venezuela's goals for development are aligned.
Also Read | Zohran Mamdani calls US action in Venezuela an 'Act of War,' opposes Nicolas Maduro's capture
Venezuela's enormous oil reserves are the main reason for US interest. The country produces nearly one million barrels of oil daily and holds more oil reserves than Saudi Arabia, making it a key target for Washington's ambitions.
