The US action has again brought focus on Venezuela's huge oil reserves of over 303 billion barrels, the largest proven reserves in the world. However, oil production has fallen to around 1 million barrels per day because of US sanctions and years of poor investment.

"We Will Run the Country": Trump's Transition Plan

Trump announced the US would "run" Venezuela temporarily, exploiting its oil reserves and warned other countries in the region to toe the US line.

"We will run the country until such time as we can do a safe, proper and judicious transition," Trump said during a press conference at his Mar-a-Lago resort in Florida. "We can't take a chance that someone else takes over Venezuela who doesn't have the interests of Venezuelans in mind."

World's Largest Proven Oil Reserves

Venezuela holds the world's largest proven oil reserves (estimated at over 300 billion barrels), which represent roughly 17% of the total global oil supply, OPEC data show.

Trump said US oil companies would pay to rebuild infrastructure.

He also said: "We are going to run the country right… It's going to make a lot of money," adding, "they stole our oil."

Oil Exports to China and Other Nations

On exports: "We'll be selling large amounts of oil to other countries," including China, he said.

Trump said as part of the takeover, major U.S. oil companies would move into Venezuela, which has the world's largest oil reserves, and refurbish badly degraded oil infrastructure, a process experts said could take years.

Occupation Funded by Oil Revenue: Trump

A U.S. occupation "won't cost us a penny" because the United States would be reimbursed from the "money coming out of the ground," Trump said, referring to Venezuela's oil reserves, a subject he returned to repeatedly during Saturday's press conference.

Venezuela's vast oil reserves, estimated at around 303 billion barrel, make it a treasure trove for global energy politics. Historically, Venezuela was a major oil exporter, with foreign companies like Chevron and ExxonMobil playing significant roles until the government took over assets in the late 1990s and early 2000s, news agency ANI reported.

US Companies May Re-Enter Venezuela

US companies like Chevron, ConocoPhillips, and Exxon Mobil may re-enter the market if Venezuela offers favourable terms.

Venezuela's reserves top those of second-ranked Saudi Arabia at 267 billion barrels and are more than six times the U.S.'s reserves.

Orinoco Belt: The Real Prize

Most of Venezuela's untapped oil is located in the Orinoco Belt, a roughly 21,000-square-mile area that stretches across the country's northeastern region, according to CBS News.

Limited Impact on Global Oil Prices

The US strike on Venezuela is unlikely to significantly impact global oil prices due to Venezuela's limited crude production, currently around 1 million barrels per day, which is roughly 1% of global supply. Oil prices fell modestly on Saturday, with West Texas Crude dropping to $57.32 a barrel, down from nearly $80 in January, the ANI report said.

The US has also increased its Strategic Petroleum Reserve and domestic oil production, providing a cushion against volatility in global oil markets.

The situation's outcome will depend on Venezuela's political developments and the US's next steps. If the US allows American companies to invest in Venezuela's oil industry, it could potentially increase production and impact global oil markets in the long term.

In recent public statements, Trump has explicitly mentioned that Venezuela "took away our oil rights" years ago when foreign assets were nationalised, expressing a goal to restore U.S. corporate control over these reserves.

As U.S. domestic shale production peaks, securing the Orinoco Oil Belt (the world's largest accumulation of heavy crude) provides long-term energy dominance.

(With inputs from Reuters, ANI)

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