Trump Venezuela oil plan: Venezuela may not be the great prize for foreign oil companies it is being made out to be. Then there are substantial Russian and Chinese interlinkages in the Venezuelan oil value chain. “The operation by Trump (in Venezuela) seems to have taken everybody by surprise, including some of the big oil companies. Venezuela accounts for 1% of global crude oil production but roughly 9% of the world’s 9 million b/d of heavy crude oil production,” S&P Global Energy said in a note. The US and China are the world’s largest markets for heavy crude oil.

Source: Indian Express January 07, 2026 13:45 UTC