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Trump assumes US will keep Venezuela's oil - how much do they have?

International
An oil tanker anchored in Puerto Cabello off the coast of Venezuela.

Maduro has long accused the Trump administration of attempting to depose him so the US could gain control of Venezuela's oil riches, pointing to a remark Trump made after the US seized the first oil tanker off Venezuela's coast.

When quizzed by reporters as to what would happen with the tanker and its cargo, the US president said: "I assume we're going to keep the oil."

However, US officials have previously denied Venezuela's allegations that moves against Maduro's government were an attempt to secure access to the country's untapped reserves.

As my colleague just reported, Venezuela has the world's largest proven crude oil reserves and profits from the oil sector finance more than half of the its government budget.

However, its exports have been hit by sanctions and a lack of investment and mismanagement within Venezuela's state-ruin oil company.

In 2023, Venezuela produced only 0.8% of global crude oil, according to the US Energy Information Administration (EIA). It currently exports about 900,000 barrels per day and China is by far its biggest buyer.

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