Refineries (at least those built by American companies) are designed with specific crude slates in mind, and the decisions about which oil to run are shaped by engineering limits, market prices, and strategic risk. Refining Venezuelan oil requires considering all three.

A potential deal to sell the trapped crude to the U.S. could initially require reallocating cargoes originally bound for China.

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Cierra Murry is an expert in banking, credit cards, investing, loans, mortgages, and real estate.

The country could, eventually, attract investment and re-emerge as a force in the oil markets, but many analysts are concerned about an oversupply.

Venezuela has the world’s largest oil reserves—but history, costs, and political risk raise questions about whether U.S. oil companies are ready to invest.

Venezuela is sitting on 303 billion barrels of crude, and what happens to that stockpile is critical for oil prices.

The dollar rose against a basket of currencies as it benefits from its safe-haven status after the U.S. ousted Venezuela President Nicolas Maduro.

As early as 2019, however, Maduro told ABC News that he was bracing for a war with the United States over his country's oil and accused the U.S. government of "trying to fabricate a crisis" to escalate a military conflict in South America.