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—
President of the United States (US)
Donald Trump
declared to immediately carry out a ground attack on
Venezuela
.
He said this military attack was aimed at eradicating narcotics in the Latin American country.
“This operation will begin immediately on land,” Trump told reporters at the White House, Thursday (11/12), as quoted by Reuters.
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Previously, Trump had also stated that he would start anti-narcotics operations via land routes in Venezuela after intensifying attacks on ships in the Caribbean accused of smuggling drugs.
Washington accuses Venezuela and its president, Nicolas Maduro, of illegally smuggling narcotics into the US.Maduro denies this and accuses the US of intending to overthrow his government.
Maduro accused Trump of the attack only as an alibi to seize Venezuela’s oil reserves.
Largest Oil Reserves
Venezuela is the country with the largest oil reserves in the world.Venezuela’s Orinoco oil belt includes most of the country’s 298 billion (some say 303 billion) barrels of oil reserves and an estimated 513 billion barrels of recoverable oil.
Most of it is heavy and sour crude oil.Venezuela’s extra heavy crude oil must be processed by specialized refineries making development expensive from an economic, environmental and technological perspective.
Venezuela’s oil reserves exceed those of Arab countries.Saudi Arabia has around 267-268 billion barrels, Iran around 208 billion barrels, Iraq around 145 and the United Arab Emirates (UAE) with its modern energy management, around 113 billion barrels.Meanwhile, Kuwait, with the world’s largest oil field, Burgan Field, has reserves of around 101 billion barrels
Not surprisingly, Venezuela became the founder of the World Petroleum Exporting Organization (OPEC), which also has some of the largest oil and natural gas reserves.However, its crude oil production has declined in recent years, largely due to mismanagement by the Venezuelan government.
The Center on Foreign Relations page writes that Venezuela has the largest oil reserves in the world, a case study in the dangers of becoming a petro country.
Since its discovery in the country in the 1920s, oil has taken Venezuela on an exhilarating but dangerous journey of ups and downs that offers lessons for other resource-rich countries.
Decades of poor governance have pushed what was once one of Latin America’s most prosperous countries toward economic and political ruin.
In recent years, Venezuela has experienced an economic collapse, with production shrinking significantly and rampant hyperinflation causing shortages of basic goods, such as food and medicine.
Meanwhile, government mismanagement and US sanctions have led to a drastic decline in oil production and a severe lack of investment in the sector.
Although Washington eased some sanctions on Venezuela’s oil and gas sector in 2023, signaling potential détente, Caracas’ failure to meet fair election conditions prompted the US government to reimpose sanctions in 2024.
(imf/bac)
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