US Seeks Control of Venezuelan Oil Reserves Amid Global Energy Market Uncertainty

The US has become the world's largest oil producer and exporter of crude. Despite this, it wants to control over 65 billion barrels of Venezuelan oil reserves - about 20% of its proven oil reserves.

Venezuela has the world's largest proven oil reserves at approximately 300 billion barrels but only produces and sells a tiny fraction of that amount - around 1% globally. The reason for this is largely due to the country's dilapidated oil production infrastructure and decades of underinvestment.

The US sees an opportunity to combine American capital and technology with Venezuela's massive oil reserves, which would enable them to increase their own refining capacity and reduce reliance on imported crude. This move could also help stabilize global energy markets amid ongoing conflicts in the region such as the Strait of Hormuz crisis.