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flag U.S. urged oil firms to develop Venezuela’s reserves in 2026 to lower prices, but infrastructure issues slowed progress amid rising crude costs.

flag In early 2026, the U.S. directed major oil companies to invest heavily in developing Venezuela’s oil reserves, aiming to boost global supply and lower consumer prices, though companies remain cautious due to infrastructure challenges. flag Crude prices rose above $59.50 per barrel in March amid global instability, including disruptions in Iran. flag The U.S. continues to rely on oil for numerous products, while China tightened export controls on critical metals and the U.S. identified silver as a critical mineral, with China dominating global refined silver output.

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