Following the capture of President Nicolas Maduro, Venezuela has received the initial proceeds from a US sale of its crude oil, totaling $300 million of the $500 million sale. Interim president Delcy Rodriguez announced these funds will be used to stabilize the foreign exchange market and protect workers’ purchasing power. Simultaneously, Venezuela’s lawmakers are set to debate reforms to oil contract laws, potentially loosening PDVSA’s control to attract foreign investment. The US also seized another Venezuela-linked oil tanker, marking the seventh such action under President Trump’s campaign to control Venezuela’s oil flows.
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The U.S. State Department issued a security alert urging American citizens to leave Venezuela immediately, citing reports of pro-regime militias searching for U.S. citizens after the capture of President Nicolás Maduro. The alert warned of roadblocks and vehicle searches by armed groups known as colectivos. Despite the Venezuelan Foreign Ministry’s statement that the country is stable, reports from Caracas indicate the presence of armed colectivos and increased security checkpoints. This alert comes amidst preparations for the potential reopening of the U.S. embassy, and statements from Maduro, suggesting he is being held in a U.S. jail.
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President Trump has proposed a $100 billion investment in Venezuela’s oil industry, contingent on the removal of Nicolas Maduro. Despite the country’s vast oil reserves representing a tempting opportunity, oil executives expressed caution, citing concerns about investment due to past asset seizures. The US administration plans to manage oil sales and control the revenue, aiming to maintain leverage over the current government and ensure economic stability. While some firms are optimistic and ready to invest, analysts suggest that significantly boosting production will require substantial effort, indicating a cautious approach among potential investors.
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A highly confidential CIA assessment warned of a wider conflict in Venezuela if the U.S. supported the democratic opposition after the removal of Nicolás Maduro. The assessment, commissioned by senior policymakers, influenced President Trump’s decision to authorize Operation Absolute Resolve, which aimed to seize Maduro. However, instead of backing the opposition, Trump aligned with Maduro’s chosen vice president, Delcy Rodríguez, who was subsequently named interim president. This decision, according to experts, stemmed from a desire to avoid the mistakes made during the Iraq invasion and potentially an attempt to work with elements of the existing government.
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In a recent announcement, President Trump stated Venezuela would provide between 30 and 50 million barrels of oil to the U.S., with proceeds benefiting both nations. The White House is also organizing a meeting with U.S. oil executives to discuss increasing American investment in Venezuela’s oil industry. Meanwhile, officials have reported casualties from a U.S. military operation to capture Nicolás Maduro, and the Venezuelan government is investigating the deaths. Despite political tensions and questions about oil production, discussions regarding the future of Venezuelan oil and its implications continue.
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Despite the Trump administration’s celebration of the successful capture of Nicolás Maduro in Venezuela, international entities like the United Nations have voiced concerns, citing potential repercussions for global safety. Domestically, these actions have triggered calls for President Trump’s impeachment, with Democratic lawmakers and figures like California State Senator Scott Wiener denouncing the operation as illegal. Rep. Delia C. Ramirez of Illinois and others echoed these sentiments, labeling the operation a “kidnapping” and a violation of international law. Some, like Rep. Dan Goldman, allege the operation’s true motive involves controlling Venezuela’s oil resources, while the White House defends the operation as lawful.
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John Q. Hosedrinker