I spoke about three issues
-1- How US and other foreign oil firms can start immediately to stepwise developing three different types of oil fields. Yes, Venezuela can become a “powerhouse” oil producer. This could be a huge change in the global oil system.
-2- What is meant when Trump and oil firms talk about USA “security guarantees” for work in Venezuela. The USA government is unlikely to subsidize oil majors going into Venezuela. Instead, they are talking about somehow Washington managing a “regime change.” The KEY element of this is that the present pro-Chavista armed actors, both the state and non-state armed actors and the Chavista-state intelligence services, all of which are widespread in the country, are still intact and are still active, either agree to disband stepwise or to stepdown and not oppose the formation, eventually, of a new government elected freely. The instruments of state armed coercion that will remain, including elements of the police, intelligence services, national guard, army, must agree to serve whomsoever is democratically elected in future elections. However, as Trump himself points out, the foreign oil majors “are tough guys” and they have abundant experience and methods to work in countries having fairly dangerous situations.
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The Global Barrel 