Netanyahu Hails Trump's Venezuela Operation as Maduro Captured

Netanyahu also lauded the work by US soldiers.

In a post on X, he said, "Congratulations, President Donald Trump for your bold and historic leadership on behalf of freedom and justice. I salute your decisive resolve and the brilliant action of your brave soldiers."

The US on Saturday captured Venezuelan dictator Maduro and his wife, Cilia Flores, after conducting a targeted military operation. This action was taken in alignment with US allegations that Maduro was involved in drug trafficking and had rigged the 2024 election.

The US had previously imposed sanctions on Venezuela and offered a USD 50 million bounty for Maduro's arrest.

Maduro is being held at the Metropolitan Detention Centre in Brooklyn and is set to face drugs and weapons charges in Manhattan federal court, as per CNN. (ANI)

Trump on Saturday said the US would take control of Venezuela's massive oil reserves and recruit American companies to invest billions of dollars to refurbish the country's gutted oil industry, CNN reported.

Venezuela has massive 303 billion barrels worth of crude -- about a fifth of the world's global reserves, according to the US Energy Information Administration (EIA).

A US-led revamp could eventually make Venezuela a much bigger supplier of oil and could create opportunities for Western oil companies and could serve as a new source of production. It could also keep broader prices in check, although lower prices might disincentivize some US companies from producing oil, as per CNN.

The kind of oil Venezuela is sitting on -- heavy, sour crude -- requires special equipment and a high level of technical prowess to produce.

The United States, the world's largest oil producer, has light, sweet crude, which is good for making gasoline but not much else. Heavy, sour crude like the oil from Venezuela is crucial for certain products made in the refining process, including diesel, asphalt and fuels for factories and other heavy equipment.

Unlocking Venezuelan oil could be particularly beneficial to the United States: Venezuela is nearby and its oil is relatively cheap.

Venezuela is home to the largest proven oil reserve on Earth, but its potential far outweighs its actual output: Venezuela produces only about 1 million barrels of oil per day -- about 0.8% of global crude production, as reported by CNN.

International sanctions on the Venezuelan government and a deep economic crisis contributed to the decline of the country's oil industry -- but so did a lack of investment and maintenance, according to the EIA.

- ANI