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President Donald Trump's plan to take control of Venezuela's oil industry and ask American companies to revitalise it after capturing President Nicolas Maduro in a raid isn't likely to have a significant immediate impact on oil prices. Venezuela's oil industry is in disrepair after years of neglect and international sanctions, so it could take years and major investments before production can increase dramatically. But some analysts are optimistic that Venezuela could double or triple its current output of about 1.1 million barrels of oil a day to return to historic levels fairly quickly. While many are reporting Venezuela's oil infrastructure was unharmed by US military actions, it has been decaying for many, many years and will take time to rebuild, said Patrick De Haan, who is the lead petroleum analyst at gasoline price tracker GasBuddy. American oil companies will want a stable regime in the country before they are willing to invest heavily, and the political picture remained .
New York City Mayor Zohran Mamdani has said he spoke with President Donald Trump directly to register his opposition to the capture of Venezuelan President Nicols Maduro and his wife by the US military, as he termed the unilateral attack on a sovereign nation an act of war. Maduro and his wife Cilia Flores have been indicted in the Southern District of New York and are being brought to the city to face the charges against them. Responding to a question on the situation in Venezuela and Maduro's capture at a press conference, Mamdani said he called the president and spoke with him directly to register my opposition to this act". I registered my opposition. I made it clear and we left it at that, Mamdani said, giving no details of what Trump's response to him was. The extraordinary international development has come just two days after Mamdani was sworn-in as New York City Mayor. Mamdani was briefed Saturday morning by his administration officials, including his chief of staff and t
Venezuela is open to negotiating an agreement with the United States to combat drug trafficking, the South American country's President Nicols Maduro said in a pretaped interview aired Thursday on state television, but he declined to comment on a CIA-led strike last week at a Venezuelan docking area that the Trump administration believed was used by cartels. Maduro, in an interview with Spanish journalist Ignacio Ramonet, reiterated that the U.S. wants to force a government change in Venezuela and gain access to its vast oil reserves through the monthslong pressure campaign that began with a massive military deployment to the Caribbean Sea in August. What are they seeking? It is clear that they seek to impose themselves through threats, intimidation and force, Maduro said, later adding that it is time for both nations to start talking seriously, with data in hand. The U.S. government knows, because we've told many of their spokespeople, that if they want to seriously discuss an ...
Venezuela's parliament on Tuesday approved a measure that criminalises a broad range of activities that can hinder navigation and commerce in the South American country, such as the seizure of oil tankers. The bill introduced, debated and approved within two days in the National Assembly follows this month's seizures by US forces of two tankers carrying Venezuelan oil in international waters. The seizures are the latest strategy in US President Donald Trump's four-month pressure campaign on Venezuela's leader Nicols Maduro. The tankers are part of what the Trump administration has said is a fleet Venezuela uses to evade US economic sanctions. The unicameral assembly, which is controlled by Venezuela's ruling party, did not publish drafts on Tuesday nor the final version of the measure. But as read on the floor, the bill calls for fines and prison sentences of up to 20 years for anyone who promotes, requests, supports, finances or participates in acts of piracy, blockades or other
Venezuela's President Nicols Maduro said the U.S. government is fabricating a war against him as the world's biggest warship approached the South American country, while moving to revoke the citizenship of an opponent he accuses of egging on an invasion. Maduro said in a national broadcast on Friday night that the administration of President Donald Trump is fabricating a new eternal war" as the aircraft carrier USS Gerald R. Ford, which can host up to 90 airplanes and attack helicopters, moves closer to Venezuela. On Saturday, the Venezuelan president also referred to the pressure he has felt from the U.S. government as he started legal proceedings seeking to revoke the citizenship and cancel the passport of opposition politician Leopoldo Lpez. They promised they would never again get involved in a war and they are fabricating a war that we will avoid, said Maduro in Friday night's address. Trump has accused him, without providing evidence, of being the leader of the organized crime