Venezuela’s oil industry in focus after US military action
World’s largest stockpiles contrast with collapsing production, curbs on exports as experts warn of earlier Iraq and Libya Venezuelan oil. Photo: AFP (file) HOUSTON: A day after President Nicolas Maduro said Venezuela was open to negotiations with the United States to fight drug trafficking, a claim for which US President Donald Trump did not provide evidence, the US military carried out a large-scale airstrike in Venezuela and arrested President Maduro on Saturday. The developments have drawn renewed attention to Venezuela’s oil industry, which has the world’s largest proven reserves but has struggled for years with falling production, sanctions and underinvestment.












