US push for Venezuela oil could devour 13% of global carbon budget: report
A new climate analysis warns that a US-backed plan to revive Venezuela's oil industry could consume 13% of the world's remaining carbon budget by 2050, severely jeopardizing the 1.5°C warming limit. The report highlights the extreme carbon intensity of Venezuela's heavy crude oil.
US push for Venezuela oil could devour 13% of global carbon budget: report
A new analysis indicates that plans to significantly increase oil production in Venezuela, supported by the United States, could use up 13% of the planet's remaining carbon budget, directly threatening international climate goals. The report, commissioned by The Guardian and conducted by ClimatePartner, models the severe climate impact of exploiting one of the world's dirtiest crude oils.
Extreme emissions from Venezuela's heavy crude
The scenario analyzed projects Venezuela's output rising to 1.58 million barrels per day from 2035 to 2050. The nation's heavy crude from the Orinoco Belt is exceptionally carbon-intensive, emitting nearly 1,000 times more CO2 equivalent per barrel than oil from Norway's Johan Sverdrup field. "This would consume an estimated 13% of the remaining global carbon budget," said ClimatePartner senior analyst Hollie Parry, equating it to nearly a decade of emissions from the entire European Union.
Political drive faces multiple hurdles
The findings are unlikely to deter US President Donald Trump, who has dismissed climate change and called for oil firms to invest $100 billion to revive Venezuela's sector, promising to extract oil "like few people have seen." However, the plan faces skepticism from the industry, with ExxonMobil's CEO labeling Venezuela "uninvestable," and fierce opposition from environmental groups like Greenpeace, which calls the strategy "reckless and dangerous."
Geopolitical context and practical challenges
The push follows a US military operation that captured Venezuelan President Nicolás Maduro. Trump stated his administration would "run" Venezuela's oil assets during a transition. Despite this political shift, analysts note that massive investment requires lasting political stability and legal guarantees, casting doubt on the $100 billion target. For energy-importing nations like Türkiye, such geopolitical maneuvers in global oil markets underscore the ongoing tension between energy security and climate imperatives.
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