Consider This from NPR The U.S. is interested in Venezuelan oil, but that's not all
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Dec 16, 2025 Francisco Monaldi, Director of the Latin American Energy Program at Rice University, delves into the escalating tensions between the U.S. and Venezuela centering on oil. He explains the significance of the recent U.S. seizure of a Venezuelan tanker and how it signals potential blockade strategies. Monaldi discusses the historical relationship between the U.S. and Venezuelan oil, highlighting production issues caused by mismanagement. He also frames U.S. sanctions as part of a broader strategy to pressure Maduro’s regime while minimizing American costs.
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Huge Reserves, Low Production
- Venezuela holds massive reserves but produces far less oil than its capacity due to mismanagement and political decisions.
- Production fell from ~3.6 million bpd to about 1 million bpd over 25 years, limiting its global market role.
Unprecedented Seizure Signals Blockade
- The recent U.S. tanker seizure is unprecedented for Venezuela and signals a possible blockade strategy.
- It's the first clear U.S. move indicating tankers leaving Venezuela could face future seizures.
U.S. Oil Firms' Long History
- U.S. oil companies have deep historical roots in Venezuela dating back a century.
- After nationalizations and renationalizations, only Chevron remains active, producing about 25% of exports.