Trump plans to use Venezuela's huge crude reserves 'to cut US oil price to $50 a barrel'

[A Badger]

59. The 'Orinoco crude'

...is labeled as "bituminous". Only slightly less viscous than Canada's Athabascan 'Tar sands' stuff.

Overheard on the Internet:
"...So when you hear that Venezuela has “the world’s largest oil reserves,” the technically accurate part is that the country has extremely large volumes of extra-heavy oil in place, and a big subset of that was once judged economically recoverable at high price assumptions and booked as 'proved'. The more relevant questions for energy strategy are how many of those barrels are genuinely economic under realistic long-term prices, how quickly they can be brought onstream given infrastructure and institutional constraints, what netback they deliver at the refinery gate, and how exposed they are to being left in the ground if demand peaks. On those metrics, Venezuelan barrels sit much further out on the cost and risk curve than the headline “largest reserves” soundbite suggests."

I.e.,- at $50/barrel, the US oil majors wouldn't invest a dime, and would leave the Venezuelan 'stranded''.