United States Homeland Security Advisor and close Trump aide Stephen Miller suggested on Wednesday that Venezuela’s oil “belongs to Washington”.
Miller’s comments came a day after US President Donald Trump posted on social media that he is imposing a “total and complete blockade” of sanctioned oil tankers entering and leaving Venezuela. The US has amassed the largest military force in the region in decades, just off the coast of Venezuela, and has carried out multiple strikes on boats it claims are trafficking drugs, killing about 90 people since September. However, the Trump administration has provided no evidence of drug trafficking, prompting claims that it is more interested in controlling oil in the region and forcing regime change in Venezuela.
Here is a closer look at what Miller said and whether Washington could really lay claim to Venezuela’s oil. Today, Venezuela’s oil reserves are concentrated primarily in the Orinoco Belt, a vast region in the eastern part of the country stretching across roughly 55,000 square kilometres (21,235sq miles).
While the country is home to the world’s largest proven oil reserves – at an estimated 303 billion barrels (Bbbl) as of 2023 – it earns only a fraction of the revenue it once did from exporting crude.
According to data from the Observatory of Economic Complexity (OEC), Venezuela exported just $4.05bn worth of crude oil in 2023. This is far below other major exporters, including Saudi Arabia ($181bn), the US ($125bn), and Russia ($122bn). Today, Venezuela’s oil reserves are concentrated primarily in the Orinoco Belt, a vast region in the eastern part of the country stretching across roughly 55,000 square kilometres (21,235sq miles).
While the country is home to the world’s largest proven oil reserves – at an estimated 303 billion barrels (Bbbl) as of 2023 – it earns only a fraction of the revenue it once did from exporting crude.
According to data from the Observatory of Economic Complexity (OEC), Venezuela exported just $4.05bn worth of crude oil in 2023. This is far below other major exporters, including Saudi Arabia ($181bn), the US ($125bn), and Russia ($122bn).
Source: Here