Trump Eyes Quick Boost in Venezuelan Oil Production Amid Infrastructure Skepticism

The Trump administration aims to quickly increase Venezuela's oil output, citing untapped business opportunities despite the country's degraded infrastructure. Analysts remain skeptical, noting the significant investments required. Sanction relief and potential subsidies could aid U.S. oil companies in expanding operations within the next 18 months.

The Trump administration dismissed estimates predicting a multi-year effort to increase Venezuela's crude production, proposing rapid strategies to revitalize the sector. This comes after U.S. forces seized Venezuela's leader, Nicolas Maduro, prompting speculation about the future of the nation's vast oil reserves.

Despite the significant decline in exports due to years of underinvestment, U.S. officials see a substantial business opportunity. Interior Secretary Doug Burgum suggests lifting sanctions could unlock access to vital equipment and technology, allowing swift production boosts. Meanwhile, key meetings with oil executives are on the horizon, aimed at fostering investment.

President Trump is optimistic, projecting an 18-month timeline for expanding operations, potentially with the support of subsidies. However, experts highlight the industry's challenges, citing the high costs and complex processes involved in developing Venezuela's thick, heavy crude amid current global market conditions.

(With inputs from agencies.)