This intervention comes at a pivotal moment for the global oil industry, which continues to stare down the prospect of a broad transition to renewable energy. For this reason, it’s not obvious that future markets can justify a surge of investment in Venezuela.

On one hand, the country’s extra-heavy crude oil is perfect for diesel and jet fuel, which are helpful in hard-to-decarbonize industries. This makes it less threatened by the meteoric rise of electric vehicles displacing gasoline-powered cars.

On the other hand, the world is already experiencing an overall glut of oil, and analysts expect demand to peak in the next decade. While there are buyers for additional oil that could be pumped in Venezuela — some of them on the U.S. Gulf Coast — experts say a total revival on the order that Trump is promising may not be in the cards.