London — President Donald Trump President Donald Trump painted a simplistic picture for the US operation in Venezuela: go in, get the oil and start exporting. But the post-invasion fallout in Iraq offers valuable lessons for oil companies considering entering Venezuela. Scott Nelson/Getty ImagesIraq’s oil industry had been nationalized and closed off from Western oil companies since the 1970s. He said the contracts effectively invited foreign firms into Iraq as contractors rather than allowing them ownership rights over the oil reserves. The security situation inside Iraq rapidly deteriorated after the invasion, aided in large part by a power vacuum.

Source: Egypt Independent January 26, 2026 16:09 UTC