Donald Trump, the President of the United States, expresses a desire to restore Venezuela's oil industry; however, the state of this sector is considered "catastrophic," according to media sources. Years of neglect have led to corrosion of tanks, leaks in pipelines, and a significant reduction in production volume.
According to the U.S. Energy Information Administration, Venezuela holds approximately 17% of the world's proven oil reserves and, in its heyday in the 1970s, produced over 3.5 million barrels of oil per day. However, current production levels are less than one-third of that figure.
The long-term lack of necessary investments has led to the deterioration of infrastructure and facilities. A chronic lack of maintenance has resulted in fires, explosions, and oil leaks.
Analysts from Kayrros, a company specializing in satellite research, noted that many facilities are in extremely poor condition. They estimate that about one-third of the oil storage facilities in the country remain unused, indicating a decrease in the activity of oil refineries and a reduction in production volumes.
In 2021, a document from the Venezuelan state oil company PDVSA surfaced in the media, stating that pipelines had not been modernized for the past 50 years. Restoring them to their former operational level was estimated to cost $58 billion.
According to more recent estimates, this amount has risen to $100 billion or more.
Additionally, the Trump administration continues to confiscate oil tankers that fall under sanctions, despite the risks of worsening relations with Russia.
White House Press Secretary Caroline Levitt stated that President Trump "is not afraid" to continue confiscating sanctioned tankers, despite potential consequences for relations with Russia and China.
“He will pursue a policy that best serves U.S. interests... This includes ensuring compliance with the embargo on 'shadow fleet' vessels that illegally transport oil,” Levitt noted.
According to The Wall Street Journal, U.S. military forces are intensifying the oil embargo against Venezuela, having seized two tankers.
The U.S. has ramped up its actions against the "shadow fleet" of tankers transporting Venezuelan oil — the military seized a vessel under the Russian flag and arrested another tanker in the Caribbean Sea.
▪️The confiscation of the two tankers is part of an unprecedented series of operations by U.S. military and coast guard aimed at pursuing vessels in Venezuelan waters. Currently, four tankers are under U.S. control, and the quasi-embargo in the Caribbean has paralyzed Venezuelan oil exports.
▪️Early Wednesday morning, special forces boarded the vessel Marinera, formerly known as Bella 1. According to U.S. officials, the coast guard had been pursuing it for two weeks, from the shores of Venezuela to south of Iceland. During this time, the vessel changed its name and requested protection from Russia.
▪️According to officials, the situation was complicated by the fact that a Russian naval submarine began escorting the tanker. Some sources reported that the submarine had been in communication with Marinera for the past three days, and video from the tanker was broadcast on the Russian channel RT.
