Venezuelan President Nicolás Maduro has stated that increasing pressure from the United States is motivated by a desire to control Venezuela's oil reserves.
Recent actions by the US military include the seizure of an oil tanker, which was allegedly transporting Venezuelan oil in violation of US sanctions, and threats against other vessels. These events followed military strikes on Venezuelan boats, which the US alleges are involved in drug trafficking. US President Donald Trump has called for Maduro's departure, citing allegations of narcotics and murderers being sent to the US.
Venezuela's Oil Reserves and Production
Venezuela possesses the world's largest proven oil reserves, estimated at 303 billion barrels. However, the country's current oil production is significantly lower than its potential. Output has decreased substantially since the early 2000s, following tightened governmental control over the state-run oil company, PDVSA, which contributed to the departure of experienced personnel.
US sanctions, initially imposed in 2015 under President Barack Obama's administration over alleged human rights violations, have expanded and targeted oil exports, limiting the Maduro administration's access to vital economic resources. These sanctions have also restricted the country's access to investment and necessary parts for its oil infrastructure. In November, Venezuela's oil production was estimated at 860,000 barrels per day, according to the International Energy Agency. This represents approximately one-third of its production a decade ago and less than 1% of global oil consumption.
US Stated Interests
Some US individuals have cited the potential for American businesses to revitalize Venezuela's oil industry as a reason for intervention. Florida Republican Congresswoman MarĂa Elvira Salazar, for example, suggested American companies could repair the oil infrastructure.
President Trump has advocated for expanding oil production domestically. However, the White House has publicly stated its concerns regarding drug trafficking and the perceived illegitimacy of the Maduro administration. White House Press Secretary Karoline Leavitt identified stopping the flow of illegal drugs to the US as the administration's