Science Weekly Crude appeal: why Trump wants Venezuela’s oil
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Jan 5, 2026 Jillian Ambrose, Guardian's energy correspondent, dives into the U.S. raid on Venezuela, unpacking Trump's claims about stolen oil rights. She reveals why Venezuelan oil is appealing — it's rich in heavy crude and has vast reserves that are currently underutilized. Ambrose also explores the history of U.S. involvement in Venezuela's oil sector, the challenges facing American companies due to outdated infrastructure, and China's strong connection to Venezuelan oil flows. Overall, it’s a captivating look at geopolitics and energy markets.
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Huge Reserves, Tiny Output
- Venezuela holds about 300 billion barrels, nearly a fifth of global known reserves, yet produces under 1 million barrels a day today.
- Decades of neglect, corruption and nationalisation left vast reserves undeveloped despite huge potential.
Nationalisation Versus 'Theft'
- Venezuela nationalised its oil industry after foreign majors helped develop it, pulling many US companies out of the country.
- Jillian Ambrose notes arbitration paid some companies, but Trump frames nationalisation as theft to justify reentry.
Refinery-Feedstock Mismatch
- Many US refineries were built to process heavy, sulfurous crude like Venezuela's rather than light shale oil produced recently in the US.
- Jillian Ambrose argues those refineries may feel 'stolen' because their feedstock is no longer available.