00:00In what analysts describe as a bold move, the United States has just taken control of the world's largest oil reserve.
00:11Venezuela sits on 18% of all oil in the ground, followed by Saudi Arabia at 16% and Canada on 10%.
00:18The thing with Venezuelan oil is that it's sour and heavy, making it harder to turn into fuels like diesel.
00:25Worse, a lack of investment in the country's oil fields has seen the South American nation fall to 20th in terms of global oil production.
00:35The US thinks it can do better with this enormous supply of liquid gold.
00:40It won't be easy. Getting Venezuela's rusty and run-down oil production facilities up to speed could take hundreds of billions of dollars or more.
00:50The trillion-dollar question, can the US turn Venezuela's oil industry around at a low enough cost and fast enough to pump out more oil and reduce the costs for Americans at the pump?
01:04Oil doesn't trade over the weekend and analysts are divided over what it means for the price of the commodity and petrol for Australian motorists.
01:14Monday could see a big spike in the oil price or a correction.
01:17But with the market already awash with oil and its price retreating over the past few years,
01:24could this be less about the price of fuel and more about controlling the world's oil market?
01:31It's a question only the US President can answer.
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