Michael B. Jordan celebrated a landmark weekend, even if his football club couldn’t quite follow suit on the pitch. The Hollywood star and co-owner of AFC Bournemouth won the Academy Award for Best Actor on Sunday for his performance as twin brothers Smoke and Stack in the vampire drama Sinners
In an inter-ministerial briefing, the Ministry of Petroleum and Natural Gas's Joint Secretary, Marketing and Oil Refinery, Sujata Sharma, said that fuel pumps supplying CNG and household PNG connections are operating normally. New Delhi: The supply of piped natural gas (PNG) and compressed natural
Jannik Sinner produced a masterclass to defeat Daniil Medvedev 7-6 (6), 7-6 (4) and capture his first title of the season at the Indian Wells Masters, while also carving his name into the record books. The victory not only delivered the 25th tour-level title of Sinner’s career
Liverpool have been here far too often this season. Another late, late goal costing them points. This time to Richarlison in a 1-1 draw against struggling Tottenham that cost them a chance to go fourth in the table. And don't the players - who were booed off by their fans at full-time - know it
The Oscars are usually packed with glamorous red carpet looks and emotional award wins but sometimes it’s the tiny, unexpected moments that steal the internet’s attention. At the 98th Academy Awards, a brief interaction between Kylie Jenner and Pauline Chalamet, the sister of Timothée Chalamet
Venezuela says Trump wants its oil. But is that the real US goal?
Venezuela says Trump wants its oil. But is that the real US goal?
Venezuelan leader Nicolás Maduro says escalating pressure from the US comes down to one thing: Washington wants to grab the South American nation's vast oil reserves.
This week the American military seized an oil tanker, which was allegedly carrying Venezuelan oil being shipped in violation of US sanctions, and threatened action against other ships.
The move followed a series of military strikes on Venezuelan boats, which the US alleges are drug-trafficking vessels. President Donald Trump has called on Maduro to leave office, accusing him of sending narcotics and murderers to the US.
So is it Venezuela's oil that Trump really wants? And would it actually be worth it?
It is true that with an estimated 303 billion barrels, Venezuela is home to the world's largest proven oil reserves.
But the amount of oil the country actually produces today is tiny by comparison.
Output has dropped off sharply since the early 2000s, as former President Hugo Chavez and then the Maduro administration tightened control over the state-run oil company, PDVSA, leading to an exodus of more experienced staff.
Though some Western oil firms, including the US company Chevron, are still active in the country, their operations have shrunk significantly as the US has widened sanctions and targeted oil exports, aiming to curb Maduro's access to a key economic lifeline.
Sanctions - which the US first put in place in 2015 during President Barack Obama's administration over alleged human rights violations - have also left the country largely cut off from the investment and the parts it needs.
"The real challenge they've got is their infrastructure," says Callum McPherson, head of commodities at Investec.
In November, Venezuela produced an estimated 860,000 barrels per day, according to the latest oil market report from the International Energy Agency.
That is barely a third of what it was 10 years ago and accounts for less than 1% of world oil consumption.
Some in the US have made the case for intervention in Venezuela by pointing to the opportunities for American businesses to revive the oil industry.
"Venezuela, for the American oil companies, will be a field day," Florida Republican congresswoman María Elvira Salazar said in a recent interview on Fox Business.
American companies can go in and fix all the oil pipes, the whole oil rigs and everything that has to do with... oil and the derivatives.
Trump might seem open to such arguments.
He campaigned on the slogan "drill, baby, drill" and has generally called for expanding oil production, which he has tied to lower prices for Americans.
But when it comes to Venezuela, the White House has said it is concerned about drug trafficking and what it sees as Maduro's illegitimacy.
Asked on Thursday whether the US campaign in the region was about drugs or oil, White House press secretary Karoline Leavitt said the administration was focused on "many things".
She called stopping the flow of illegal drugs to the US its "number one" priority.
Clayton Siegle, a senior fellow for energy security at the think tank the Center for Strategic and International Studies, says he takes such pronouncements "largely at face value".
He pointed to the longstanding interest in the region of key players like Secretary of State Marco Rubio.
"I just have not seen the supporting evidence that oil is at the centre of its ambitions," he says.
That's not to say that US companies would not be interested.
At the moment, Chevron is the only American oil producer still active in Venezuela, after receiving a licence under former President Joe Biden in 2022 to operate, despite US sanctions.
The Trump administration extended the firm another waiver this year, though it has revoked exemptions for other firms, such as Spain's Repsol, in a bid to curb the flow of funds to the Maduro regime.
Today, Chevron accounts for about a fifth of Venezuela's oil production.
Analysts say Chevron would be among those best-placed to benefit, should the US start to lift its barriers against dealing with Venezuela.
Refiners in the US, particularly those around the Gulf Coast, are also hungry for the "heavier" type of crude that Venezuela produces, which tends to be less expensive and therefore more profitable to process.
"It has been problematic for US Gulf Coast refiners in recent years that Venezuela has been under sanctions and been reducing production, because it means there's less of that heavy crude available," says Matt Smith, oil analyst at Kpler.
Even if they weren't getting involved in the production side of things, they would be a keen buyer of it.
While any expansion of oil exports from Venezuela could help bring down prices in the US, analysts say that would take time, with its current output too limited to make a significant impact.
And restoring Venezuela's oil industry to its former glory would be a heavy lift.
According to a recent Wood Mackenzie report, improved management and some modest investments could help boost oil production in Venezuela to about two million barrels per day over the next two years.
But analysts warned it would take tens of billions of dollars - and potentially a decade - to raise output more significantly.
They also said companies could be put off by potential complications like its membership in the Organization of the Petroleum Exporting Countries (Opec).
Another risk is the outlook for oil demand, as it becomes relatively less important as an energy source, says David Oxley, chief climate and commodities economist at Capital Economics.
"Oil demand is not going to fall off a cliff but it is no longer growing as it was. We see it as subdued and will start falling in the late 2030s," he says.
Anyone investing in the Venezuelan oil sector would have to think, is it worth it?
Even if Maduro were ousted or US barriers were to lift, Mr Oxley says it is not clear how willing companies would be to commit the time and money it would take to bring Venezuela's oil back online.
On the oil side, you'd need to see lots and lots of investment. Certainly in the billions," he says, "'Drill, baby, drill' - that's fine but private companies are only going to come in and do it if it's profitable.
Source: BBC
Related Posts: Trump says US has captured Venezuelan President Nicolás Maduro Nicolás Maduro tells US court he is still Venezuelan president Cuba faces uncertain future after US topples Venezuelan leader Maduro Trump warns new Venezuelan leader as Maduro set to appear in court Venezuelan woman ‘tortured’ by pro-Maduro forces calls for ‘maximum’ sentence Toppled Venezuelan Prez Maduro Nicolas Maduro's Days Are Numbered Nicolás Maduro net worth Nicolas Maduro's heavy-handed rule in Venezuela is finally ended by Trump What’s next for Nicolas Maduro and his wife as US announces charges
IIT grad who moved from Bengaluru to Ireland reveals ₹1.3 crore salary: 'My quality of life has improved'A 27-year-old Amazon techie who moved from Bengaluru to Dublin says his quality of life has improved despite the city’s high cost of living. Updated on: Mar 16
2 hours ago
Abu Mathen George, Deputy Chief of Mission in the Indian Embassy in Riyadh, along with First Secretary Vipul Bawa, held a virtual interaction with Principals of CBSE-affiliated schools across Saudi Arabia. They addressed queries regarding the CBSE board examinations and briefed them on the current
2 hours ago
West Bengal's polls are scheduled for 23rd and 29th April 2026 in two phases, with results on May 4, pitting the BJP against the ruling Trinamool Congress in a high-stakes battle. The Bhartiya Janata Party has announced the first list of 144 candidates for the West Bengal legislative assembly
2 hours ago
Leading automobile manufacturer Tata Motors on Monday announced a price increase of up to 1.5 per cent across its commercial vehicle (CV) range, effective from April 1. New Delhi: Leading automobile manufacturer Tata Motors on Monday announced a price increase of up to 1
2 hours ago
With the assembly elections on the horizon, the Election Commission has taken decisive action by relocating five Senior Superintendents of Police in Assam. This move, effective immediately, targets key districts including Majuli, South Salmara, Sadiya, Chirang, and Dhemaji
2 hours ago
The Central Bureau of Investigation on Monday told the Delhi High Court that an order discharging all 23 accused persons, including Aam Aadmi Party chief Arvind Kejriwal, from the liquor policy case should not remain on record “even for a second more than what is necessary”, Live Law reported
2 hours ago
India recently stamped their authority in T20Is by retaining the World Cup title they won in 2024. Under the captaincy of Suryakumar Yadav, India outclassed New Zealand in the final to win a record third ICC Men’s T20 World Cup and became the first team to defend the crown
2 hours ago
Farah Khan says she wants Faisal Shaikh to win the finale of The 50: ‘Sabse achche se khela hai’The top 4 finalists for The 50 are Shiv Thakare, Rajat Dalal, Faisal Shaikh (Mr. Faisu), and Immortal Kaka. The grand finale will air on March 22. Mar 16, 2026
2 hours ago
The Supreme Court on Monday (March 16, 2026) quashed criminal proceedings against Ashoka University professor Ali Khan Mahmudabad for his social media posts on ‘Operation Sindoor’ after the Haryana Government informed that it has refused sanction for his prosecution
2 hours ago
Tanzid Hasan’s maiden ODI century and Taskin Ahmed’s four wickets helped Bangladesh beat Pakistan by 11 runs to clinch the ODI series 2–1. Bangladesh clinched a thrilling ODI series victory over Pakistan after edging the visitors by 11 runs in the third ODI in Mirpur
2 hours ago
NMDC’s iron ore production has touched 50 million tonnes and with a fortnight to go for FY 26 the State-owned miner is set to add more to what is already a new record output in a fiscal year. It is a significant milestone that comes days ahead of the close of FY 26, the public sector miner said
2 hours ago
Bengaluru cafe charges 5% 'gas crisis' fee on lemonade bill amid LPG shortage, internet reactsA Bengaluru cafe bill showing a 5% “Gas Crisis Charge” on two lemonades has gone viral online, sparking discussion over additional restaurant fees. Updated on: Mar 16
2 hours ago
Aman Gottumukkala Education: The tool works with popular coding platforms such as Android Studio and JetBrains IDEs, helping programmers write and manage their code more easily. Aman Gottumukkala Education: The race to hire top AI talent is heating up
2 hours ago
The phrase “no quarter” has come under scrutiny after remarks by Pete Hegseth, the United States Secretary of Defence, who said during a Pentagon briefing that the United States would continue military operations with “no quarter, no mercy for our enemies” while referring to strikes against
2 hours ago
The ongoing Iran war could severely impact Gulf economies if it continues, with Qatar and Kuwait potentially seeing GDP contract by about 14% if the Strait of Hormuz remains shut for two months, according to Goldman Sachs. That would mark their worst economic downturn since the early 1990s Gulf War
2 hours ago
Abhishek Sharma revealed that 3 Idiots, starring Aamir Khan, is his favourite film during a rapid-fire session at a Board of Control for Cricket in India felicitation event in New Delhi. New Delhi: 3 Idiots, starring Aamir Khan as the iconic Rancho
2 hours ago
Sinner’s Indian Wells conquest fuels ‘Sincaraz’ dominance: He and Alcaraz have lost just one event together since 2024 Published on: Mar 16, 2026 5:49 PM IST Written by Aratrick Mondal Share via Copy link Jannik Sinner won the Indian Wells 2026 title Alcaraz and Sinner have not only split the
2 hours ago
In recent years, motorcycles have evolved from simple commuting machines to lifestyle products that reflect personality and riding style. One bike that perfectly fits in a simple commuting and lifestyle vehicle – is the Royal Enfield Hunter 350
2 hours ago
Inside the premium washroom aboard Palace on Wheels. Watch videoLet’s take a look inside one of the premium washrooms on India’s luxury train, the Palace on Wheels. Updated on: Mar 16, 2026 5:03 PM IST By Anukriti Srivastava Share via Copy link While most trains in India are targeted for its
2 hours ago
In a significant administrative shakeup ahead of the upcoming elections, the West Bengal government has executed a transfer of senior Indian Police Service officers. This decision came in light of an Election Commission directive that resulted in the removal of DGP Peeyush Pandey and Kolkata Police
2 hours ago
Myanmar's Parliament convened on Monday (March 16, 2026) for the first time since a coup five years ago, in one of the final steps in a nominal return to democracy where its powerful military retains tight control. The gathering of the new Parliament comes after a recent phased election
2 hours ago
The eclipse portal is finally closing: How the New Moon and Aries season will reset your zodiac sign this weekA Pisces New Moon, Mercury turning direct, and the start of Aries season make this week a major turning point in the cosmos and for every zodiac sign Published on: Mar 16
2 hours ago
Mohammad Amir compares Pakistan youngster Maaz Sadaqat to India’s Abhishek Sharma after his stunning 75 and three wickets against Bangladesh. Pakistan may have found its next explosive left-handed batter. Former pacer Mohammad Amir believes 20-year-old Maaz Sadaqat has the potential to become
2 hours ago
Asian Football Confederation says Iran still set to play at FIFA World Cup 2026 Published on: Mar 16, 2026 4:36 PM IST AP Share via Copy link President of Iran Football Federation Mehdi Taj and Mayor of Tehran Alireza Zakani stand next to the FIFA World Cup Trophy during an unveiling ceremony in
2 hours ago
Kanye West's first India concert postponed by 2 months amid US-Iran conflict. Check out new date, details about ticketsThe organisers of Kanye West's concert have cited the current geopolitical climate as the reason for the delay. Mar 16, 2026
2 hours ago
Gastroenterologist shares delicious, gut-friendly blueberry chia pudding breakfast recipe packed with antioxidantsIf you were looking for gut-friendly breakfast options that also taste great, we found a blueberry chia pudding that's actually worth getting out of bed for! Published on: Mar 16
2 hours ago
The Rajasthan Board of Secondary Education (RBSE) is expected to declare the RBSE Class 10 and 12 Result 2026 soon. As per media reports, the results could be announced by March. Once announced, students will be able to check their RBSE 10th
2 hours ago
