What's the future for Venezuelan oil?
Donald Trump says US companies are going to go into Venezuela and fix its oil industry
Business Daily · BBC World Service
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Show Notes
After American forces arrested and removed the leader of Venezuela, Rahul Tandon looks at what the future might hold for the world's largest oil reserve, and what can we learn from the country's past.
Many US companies were forced out of Venezuela when the oil industry was nationalised in the 1970s. The type of oil found there is also hard to reach and complicated to refine.
We look at its difficult history, where the oil it produces now goes to, and whether US oil companies will want to spend the tens of billions of dollars it is thought will be needed to fix Venezuela's oil infrastructure.
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Presenter: Rahul Tandon Reporter: Gideon Long Producer: Justin Bones
(Picture: A man wearing a face mask walks past a mural depicting an oil pump and the Venezuelan flag in a street of Caracas, on 26 May, 2022. Credit: Getty Images)