Oil prices surged as the U.S. military forces captured and extradited Venezuelan President Nicolás Maduro. As per the words of U.S. President Donald Trump, the Venezuelan oil sector would see an influx of U.S. oil companies and spending of “billions of dollars.”
This is highly significant, although it requires considerable time and investment, given that the country holds roughly 17% of the world’s proven crude reserves. However, the reserves have also been reportedly mismanaged for years, resulting in aging infrastructure and low production.
