Venezuela LIVE: Russia rages at Trump vowing to ‘defend’ Venezuela as | World | News

Venezuela has the world’s largest crude oil supply; It is much larger than countries like Saudi Arabia and the UAE.

In recent years, the country has been in economic turmoil, struggling with hyperinflation as it was unable to use its natural resources to recover.

Following Saturday’s attack, President Trump announced that the United States would now take over the vast resource by dispatching American oil companies.

The US President said: “We’re going to have our very large US oil companies, the largest in the world, come in, spend billions of dollars, repair the badly broken infrastructure, the oil infrastructure, and start bringing money into the country.”

He later added: “We are in the oil business in terms of other countries that want oil. We will sell it. We will not say that we will not go. So we will sell oil.

“Probably in much larger doses because they couldn’t produce much because their infrastructure was so bad.

“So we will sell large quantities of oil to other countries. Many are using it now. But I can say there will be much more to come.”