Overview
- Brent fell to about $60.62 and WTI to $57.12 in early Monday trading in Asia as traders weighed potential Venezuelan supply against a global glut.
- President Donald Trump said the United States will run Venezuela and invite large U.S. oil companies to invest billions to repair the sector.
- Venezuela holds roughly 303 billion barrels of proven reserves, yet current output is near 1.0–1.1 million barrels per day and consists largely of heavy crude suited to U.S. Gulf Coast refineries.
- Chevron is the only major U.S. operator still in the country, while ExxonMobil and ConocoPhillips—both with past expropriation claims—say they are monitoring developments without committing to new investments.
- Industry experts cite sanctions, payment assurances, security conditions and questions over the legality of the U.S. operation as key hurdles, with China condemning the move and remaining a dominant buyer of Venezuelan crude.