Trump cancels second Venezuela attack, touts $100B oil investment
What's the story
United States President Donald Trump stated that he has called off a planned second military strike on Venezuela. In a post on Truth Social, Trump said the two nations are now "working well together" to rebuild Venezuela's oil and gas infrastructure. He praised the release of "large numbers of political prisoners" by Venezuela, calling it "a very important and smart gesture."
Operation outcome
US military operation leads to Maduro's capture
The US launched a military operation in Venezuela on January 3, which resulted in the capture of President Nicolás Maduro and his wife, Cilia Flores. Both have been indicted on drug trafficking charges but pleaded not guilty. At a New York court appearance this week, Maduro claimed he had been "kidnapped" and was a "prisoner of war," while Flores appeared to bear injuries on her face in her court appearance.
Prisoner release
Venezuela announces release of political prisoners
On Thursday, Jorge Rodríguez, head of Venezuela's National Assembly, announced the government's decision to free many foreign and Venezuelan prisoners. Spanish Foreign Minister José Manuel Albares later confirmed that five Spanish prisoners had been released and were on their way back home on a flight. Shortly after the operation in which Maduro was captured, Trump said that he had been in talks with oil giants about rebuilding Venezuela's oil infrastructure.
Investment announcement
Trump announces $100 billion investment in Venezuela's energy sector
Trump has now announced a $100 billion investment from "Big Oil" in rebuilding the country's oil infrastructure. He is scheduled to meet representatives of US oil companies at the White House later on Friday. Currently, the only major oil company operating in Venezuela is Chevron. However, Venezuela owes China at least $10 billion, according to various estimates, AP reported. This was being repaid by Maduro by shipping oil.
Oil reserves
Venezuela's oil reserves and Trump's control over funds
According to the US Energy Information Administration, Venezuela, also a founding member of OPEC, holds 303 billion barrels of crude oil, about 17% of the world's total reserves. However, it currently produces less than 1% of global output, exporting merely half of what it makes. Trump said on Tuesday that Venezuelan authorities would give up to 50 million barrels of oil to the US at market prices, which he would control as president for the mutual benefit of both countries.