US Treasury Officials Meet with Venezuelan Interim President to Discuss Oil Industry
US Treasury officials met with interim Venezuelan President Delcy Rodriguez on August 10 to discuss Venezuela's oil industry, which has been plagued by instability and corruption. The country, which sits on the world's largest proven oil reserves, currently produces one million barrels of crude per day, a far cry from its average three million in decades past.
The US wants to take charge of Venezuela's oil industry, with President Donald Trump exerting strong pressure on Rodriguez and her government. The meeting between the two sides came seven months after the US deposed former leader Nicolas Maduro in a military raid.
Venezuela's government attributes the decline in oil production to sanctions imposed by the United States. However, Washington has eased these sanctions since Maduro's fall, including an embargo against trading Venezuelan crude, but maintains sharp oversight and control of the process.