Trump claims Venezuela is set for an oil boom after US attack – history points to a bumpy road ahead
AI Summary
Following the capture of Nicolás Maduro, Donald Trump claimed US oil companies would revitalize Venezuela's oil production, describing its nationalization as a theft. He envisioned a rapid increase in oil output within 18 months, despite skepticism from analysts and silence from major US oil companies. Historically, removing dictators from oil-rich nations hasn't guaranteed immediate production booms. Venezuela's oil production declined in the mid-2000s after Hugo Chávez increased government control, and US sanctions were in place until 2022. While Iraq saw increased oil production after the US invasion in 2003, it took years for international companies to return and for output to rebound significantly. Analysts question whether companies will invest heavily in Venezuela given potential political instability.
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