Former chairwoman of Citgo Petroleum on Venezuelan oil
Luisa Palacios, the former chairwoman of Citgo Petroleum, discussed what guarantees oil companies need before making big investments.
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In discussing the dramatic seizure of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, over the weekend, President Donald Trump declared that the United States would now “take back” the country’s oil. Yet he has offered little clarity on what exactly this means.
The country could see a relatively rapid recovery of some oil production, depending on the leadership that emerges.
The US intervention in Venezuela may jeopardize both the flow of discounted Venezuelan oil to China's teapot refineries and the role of Chinese oil companies in Venezuela’s upstream business.
Early on 3 January 2026, the United States launched a military operation to arrest President Nicolás Maduro and remove him from Venezuela.
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