In the fallout of Nicolas Maduro’s dramatic capture from Venezuela to the US, Donald Trump has made no secret of his desire to obtain Venezuelan oil, which he says is integral for keeping prices low in America.
He’s also pledged to have the US oil industry operating in Venezuela within 18 months and that there would be huge private-sector investments into the country. Reports suggest representatives from major US petroleum companies are due to meet the Trump administration this week.
Not everyone is convinced by the president’s plans. Some analysts told the BBC it could take tens of billions of dollars - and potentially a decade - to restore Venezuela's former output, which has been in decline since the early 2000s.
In this episode, Justin sits down with US energy expert Robert Bryce to explore the unique challenges of reforming Venezuela’s oil industry and the mistakes that the president will have to avoid to prevent the collapse in Iraq’s oil industry following the US invasion in 2003. What reassurances would private firms need to operate, and what would it take to reverse the problems that have plagued Venezuela’s oil industry since the presidency of Hugo Chavez?
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