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Iran tells world to get ready for oil at $200 a barrel as it fires on commercial ships
(www.reuters.com)
this post was submitted on 11 Mar 2026
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So this makes me think. Did they attack Venezuela first to get access to the oil there and prevent a price spike from happening when they attacked Iran? Or am I giving the current regime too much credit?
venezeuala oil seems very expensive to extract, we havnt heard of venezuela for like 1-2 months already, meaning trump likely has abandoned the country already.
Reminder that literally not one single major oil company wanted to be involved in Trump's plans to exploit Venezuelan oil - with the exception of the one company already there, who basically suggested they might make some very, very small expansions to their operations - because all of them thought it was an idiotic idea.
trumps purpose in venezuela was justa distraction , just like the attack on iran. hes like the person that chases the next new shiny gold item that comes along.
Considering that representatives from the Trump cabinet appeared to be surprised that Iran can and did block the strait of Hormuz, I'd say you are giving too much credit.
Also, the US is a net exporter of oil. National supply concerns are the issue so much as global supply shock. Restrictions any where lead to price hikes.
Wasn't the Venezuela oil basically worthless because proper extraction would be too expensive to be viable?
Too expensive at $60 a barrel. Worth it at $200.
Not sure if too expensive but the geopolitical risk is too high.
It's doubtful if most of the reserves can become viable at any price. (Because the cost of materials increase when oil price increase.) But some are perfectly viable.
But also, even in perfect conditions, if they started drilling right now (what they aren't), it will take several month to start getting any of it.
Well if the price goes up then it becomes feasible to extract it. Same with the oil the US has at home. They could also extract it if the price gets too high, the reason they aren't doing so now is because the Middle East oil is cheaper (well, WAS cheaper).
Venezuelan oil production fell off a cliff starting around 2015 and has only recovered to a third of what it was then. It will take years to build industry there back up. However, once it is built back up, it will be a major exporter again.
TBF 2015 is when the US started sanctioning.