Trump announces US takeover of Venezuela’s oil sector: What it could mean for global energy markets, and India Written by Sukalp Sharma New Delhi | Updated: January 4, 2026 04:53 PM IST Copyright © 2026 The Indian Express [P] Ltd

Trump announces US takeover of Venezuela’s oil sector: What it could mean for global energy markets, and India Although it accounts for less than 1% of global oil production, Venezuela has the largest oil reserves globally, estimated at over 300 billion barrels or a fifth of the proven oil reserves all over the world. Written by Sukalp Sharma New Delhi | Updated: January 4, 2026 04:53 PM IST https://indianexpress.com/article/explained/explained-economics/trump-us-takeover-venezuela-oil-market-india-impact-10454832/?ref=breaking_hp Copyright © 2026 The Indian Express [P] Ltd