Tel Aviv [Israel], January 4: Israeli Prime Minister Benjamin Netanyahu late Saturday congratulated US President Donald Trump on what he described as the successful completion of a US military operation in Venezuela, while also praising American troops involved in the action.
In a post on X, Netanyahu wrote, “Congratulations, President Donald Trump, for your bold and historic leadership on behalf of freedom and justice. I salute your decisive resolve and the brilliant action of your brave soldiers.”
The United States on Saturday captured Venezuelan leader Nicolás Maduro and his wife, Cilia Flores, following a targeted military operation. The action was taken in line with US allegations that Maduro was involved in drug trafficking and had rigged Venezuela’s 2024 presidential election. Washington had previously imposed sanctions on Venezuela and offered a USD 50 million bounty for Maduro’s arrest.
According to CNN, Maduro is being held at the Metropolitan Detention Center in Brooklyn and is expected to face drug and weapons charges in Manhattan federal court.
Trump said the United States would take control of Venezuela’s vast oil reserves and encourage American companies to invest billions of dollars to rehabilitate the country’s deteriorated oil industry, CNN reported.
Venezuela holds an estimated 303 billion barrels of crude oil, accounting for roughly one-fifth of the world’s proven reserves, according to the US Energy Information Administration. A US-led overhaul could eventually make Venezuela a significantly larger oil supplier, create opportunities for Western energy companies, and help keep global oil prices in check, although lower prices could discourage some US producers, CNN noted.
The oil found in Venezuela is primarily heavy, sour crude, which requires specialized equipment and advanced technical expertise to extract and refine. The United States, the world’s largest oil producer, mainly produces light, sweet crude, which is well suited for gasoline but less useful for other refined products.
Heavy, sour crude like Venezuela’s is essential for producing diesel, asphalt, and fuels used in factories and heavy machinery. Unlocking Venezuelan oil could be particularly advantageous for the United States because of the country’s proximity and relatively low production costs.
Despite possessing the world’s largest proven oil reserves, Venezuela currently produces only about one million barrels of oil per day, roughly 0.8 percent of global crude output, CNN reported.
International sanctions on the Venezuelan government and a prolonged economic crisis have contributed to the sharp decline in production, along with years of underinvestment and inadequate maintenance in the oil sector, according to the Energy Information Administration. (ANI)
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