Even if international access were fully restored tomorrow, it could take years and incredible expense to bring Venezuelan oil production fully back online. Venezuela’s oil potentialThe kind of oil Venezuela is sitting on — heavy, sour crude — requires special equipment and a high level of technical prowess to produce. International oil companies have the capability to extract and refine it, but they’ve been restricted from doing business in the country. Most US refineries were constructed to process Venezuela’s heavy oil, and they’re significantly more efficient when they’re using Venezuelan oil compared to American oil, according to Flynn. Trump called Venezuela’s oil business “a total bust.”“They were pumping almost nothing by comparison to what they could have been pumping and what could have taken place,” Trump said.

Source: CNN January 03, 2026 19:59 UTC