President Donald Trump said on Jan. 20 that his administration would likely stop buying oil from Venezuela.
“It was a great country 20 years ago, and now it’s a mess,” Trump told reporters in the Oval Office, hours after his inauguration. “We don’t have to buy their oil. We have plenty of oil for ourselves.”
Trump on Monday laid out a plan to maximize U.S. oil and gas production, including by declaring a national energy emergency. He also signed an executive order withdrawing the United States from the Paris Climate Accord.
Venezuela holds the largest proven crude oil reserves in the world, with more than 300 billion barrels as of the end of 2023, according to OPEC….