US control of 65 billion barrels of Venezuelan oil could reshape reserves, says economist

Political economy professor Hassan Obeid outlined the benefits to the US economy from gaining control of more than 65 billion barrels of Venezuela's oil reserves.

Speaking in an interview with Al Arabiya FM, Obeid said this move could help replenish the United States' strategic reserves. However, he noted that Venezuelan oil would require three to five years before it could be processed in refineries and reach the market.

Obeid added that Venezuela's oil sector was nationalized before the presidency of Hugo Chavez, who expelled American companies from the industry. The sector has since suffered from mismanagement and corruption. Production now depends on upgrading both Venezuelan and US refineries, as the oil is heavy and requires specialized processing.

View the post on X