In a move reflecting a radical shift in the geopolitical and economic landscape of Latin America, US President Donald Trump announced that major global oil companies have pledged to invest up to $100 billion in Venezuela's energy sector. This announcement comes as part of preparations for the "post-Nicolas Maduro" era, ahead of a planned meeting between the US president and executives from these companies on Friday to discuss implementation mechanisms.
This accelerated economic movement comes in the wake of dramatic security developments, as the United States ousted Venezuelan President Nicolas Maduro after a special operation carried out by US special forces on January 3, which resulted in his and his wife’s arrest and transfer to US soil to face drug trafficking charges, opening the door to a reshaping of the political landscape in Caracas.
Economically, Trump made no secret of Washington's strategic interest in exploiting Venezuela's oil wealth, which boasts the world's largest proven oil reserves, exceeding 300 billion barrels, surpassing even Saudi Arabia. However, this vital sector has suffered for years from severe infrastructure deterioration and declining production rates due to mismanagement and the harsh economic sanctions imposed by Washington in recent years, making foreign investment crucial to restoring production to its historical levels.
In the context of the new administrative arrangements, officials in Washington confirmed after Maduro's arrest that the United States would assume direct oversight of Venezuela's affairs during the transitional period. This stance was reinforced by Energy Secretary Chris Wright's remarks last Wednesday, in which he suggested that the US would control key aspects of Caracas's oil sector indefinitely to ensure stable supplies and secure anticipated investments.
On the other hand, voices within Venezuela have emerged attempting to uphold national sovereignty. Maduro's deputy, Delcy Rodríguez, who has effectively become Venezuela's acting president, has emphasized that her government is the legitimate authority in the country. Meanwhile, Venezuela's state-owned oil company, PDVSA, has merely indicated that it is in discussions with the United States regarding mechanisms for selling crude oil, reflecting a state of uncertainty surrounding the future of the relationship between the company's management and the US authorities.
Observers believe that injecting $100 billion into Venezuela’s oil sector will not only help revive the collapsing local economy, but may also have tangible effects on global energy markets by increasing oil supply and stabilizing prices in the long term, which explains the enthusiasm of major energy companies to return to work in Venezuelan fields.
