(VOVWORLD) - US media report that officials from Venezuela and the United States are discussing the possibility of resuming Venezuelan crude oil exports to the US, just days after Washington captured President Maduro and his spouse.
Sources say several US refineries in the Gulf of Mexico are capable of processing Venezuela’s heavy crude and have previously imported it.
On the same day, the US President Donald Trump’s administration rejected claims by some analysts that it would take years to restore Venezuela’s oil production, asserting that measures could be implemented to quickly boost output in the South American country.
Venezuela’s oil production and exports have fallen sharply over the past two decades, from more than 3 million barrels per day to under 1 million, due to prolonged underinvestment and severe infrastructure deterioration.
The US administration is also planning meetings this week with executives from major US oil companies to discuss ways to increase production in Venezuela. Analysts note that restoring Venezuela’s oil output and exports would require many years and investments amounting to tens of billions of dollars.