VENEZUELA, MADURO AND THE LONG SHADOW OF OIL EXPROPRIATION The dramatic events unfolding in Venezuela have renewed global attention on a country that, on paper, should be one of the world’s great energy powers. Venezuela holds the largest proven oil reserves on Earth, yet its oil industry has been in long-term decline for two decades. Understanding why requires looking past the headlines and into the technical, legal, and political decisions that steadily dismantled what was once a cornerstone of the global petroleum system. The United States confirmed that Venezuelan President Nicolás Maduro is now in U.S. custody following a military operation inside Venezuela. President Trump announced the operation publicly, and Vice President JD Vance said the administration had offered “multiple off ramps,” but maintained two firm conditions: that drug trafficking must stop, and that what he described as “stolen oil” must be returned to the United States. Full article: https://www.forbes.com/sites/rrapier/2026/01/03/venezuela-maduro-and-the-long-shadow-of-oil-expropriation/(FXHedge)