Trump's Bold Oil Move in Venezuela: A Game Changer or Pipe Dream?

President Trump's strategy to control Venezuela's oil industry aims to involve US companies in revitalizing it. While analysts see potential for an increase in production, Venezuela's decaying infrastructure and political instability pose significant challenges. The world's largest oil reserves entice interest, but geopolitical and legal concerns complicate the situation.

President Donald Trump has revealed a controversial plan to oversee Venezuela's oil industry, with intentions for American firms to revitalize it after capturing President Nicolas Maduro. Experts suggest potential growth, maybe doubling production, but caution that the industry's neglect and sanctions could hinder swift progress.

The political situation remains fluid, with uncertainty about Maduro's future and US involvement. Some analysts predict that a successful US-led intervention could attract energy companies to invest in rebuilding the industry, potentially stabilizing oil prices for the long term.

Venezuela possesses the largest proven oil reserves, arousing international interest. However, political and legal complexities create hurdles. In the past, nationalization of the oil sector deterred foreign investment. Today, entities like Exxon Mobil and ConocoPhillips monitor the situation closely, awaiting clarity on the geopolitical landscape.

(With inputs from agencies.)