US President Trumps interest in Venezuela centered on its oil reserves

US President Donald Trump has announced plans for American companies to take control of Venezuela’s vast oil reserves. The move comes after weeks of military posturing and rhetoric aimed at countering the flow of narcotics into the US.

According to reports, Trump initially framed Saturday’s attacks on Caracas as an anti-drug operation, with officials claiming two indicted fugitives were arrested on narcotrafficking charges. However, within hours, Trump shifted his focus to discussing oil and US control of Venezuela.

In a press conference at his Mar-a-Lago residence in Florida, Trump stated that the US would “run the country” for now, rebuild oil infrastructure, and extract resources from the ground to sell globally. He also mentioned China and Russia as potential customers for these resources.

Venezuelan President Nicolas Maduro has consistently denied involvement in the drug trade and accused Washington of using this charge as an excuse to gain access to Venezuela’s oil reserves. Trump had previously stated that the US would not occupy Venezuela if Vice President Delcy Rodriguez “does what we want”.

Rodriguez, who is also serving as finance minister and oil minister, has been ordered by the constitutional chamber of Venezuela’s Supreme Court to serve as acting president. Trump expressed a willingness to work with her on certain issues, but declined to endorse opposition leader Maria Corina Machado.

The US has imposed sanctions targeting Venezuelan oil since 2017, including restrictions on the shipment of diluents and the blockade of sanctioned oil tankers entering or leaving Venezuelan waters. The state-owned oil company Petroleos de Venezuela, SA (PDVSA) is blacklisted, and a host of oil traders, companies, and ships have been sanctioned.

The US has long sought to regain control over Venezuela’s oil reserves, which are estimated at around 303 billion barrels, the largest in the world. Trump stated that these resources would cover any costs incurred by the US from its attack on the country.

Source: Al Jazeera