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U.S. Oil Firms Target Venezuela Amid Climate Policy Shift

1/24/2026

47 11 Full Breakdown

Summary

Story summary

The U.S. oil industry is poised to exploit Venezuela's oil reserves, signaling a shift away from climate concerns under U.S. President Donald Trump.
At COP30 in Brazil, the Amazon Soy Moratorium was suspended, allowing soybean production to drive deforestation.
The moratorium had previously preserved vast rainforest areas, and its suspension opens the door to significant deforestation, with exports mainly to China.

History

Historical Context

In 2019, Brazil suspended its Soy Moratorium, which had previously protected over 18 million hectares of rainforest from soybean cultivation. This decision, influenced by President Jair Bolsonaro's administration, parallels the U.S. oil industry's renewed interest in Venezuela's oil reserves. The shift threatens biodiversity and exacerbates climate change, as deforestation rates surged by over 50% in early 2020 compared to the previous year.

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Story summary

The U.S. oil industry is poised to exploit Venezuela's oil reserves, signaling a shift away from climate concerns under U.S. President Donald Trump.
At COP30 in Brazil, the Amazon Soy Moratorium was suspended, allowing soybean production to drive deforestation.
The moratorium had previously preserved vast rainforest areas, and its suspension opens the door to significant deforestation, with exports mainly to China.

1 / 2