When it Comes to Venezuelan Oil, Trump is Drilling a Dry Hole - LewRockwell

 I was wrong. I believed that controlling Venezuelan oil was the primary objective behind Donald Trump’s decision to order the kidnapping of Venezuelan President Nicholas Maduro. After reviewing the actual numbers it is clear that the belief that Venezuelan oil would provide a buffer if the Persian Gulf is closed as a consequence of an Israeli/US attack on Iran is sheer nonsense. My apologies for entertaining that hypothesis before looking at the actual numbers.

The following graphic illustrates the reality:

If Iran closes the Strait of Hormuz that would be devastating for the world oil market… 72% of OPEC members production comes from the Persian Gulf. Venezuela, who is an OPEC member, only produces 700,000 barrels of oil per day, which represents only 2% of OPEC’s total production per day.

Now let’s examine Trump’s nonsensical claim that the US, by seizing Venezuelan oil, will reap a bonanza and reduce the price of oil..... 

https://www.lewrockwell.com/2026/01/no_author/when-it-comes-to-venezuelan-oil-trump-is-drilling-a-dry-hole/ 

....Now let’s calculate the total production of barrels of oil per day by all of OPEC and non-OPEX countries during that same 71.4 days… the world would produce about 7.17 billion barrels of crude oil, of which Venezuela would contribute roughly 49.7 million barrels, or 0.693% of the global total. Talk about delusional! Does Trump and his advisers really believe that a country that produces a little more that one-half of one percent of global oil production is going to move the price? Ain’t going to happen.