Bhubaneswar, Jan. 4 -- US President Donald Trump's plan to take control of Venezuela's oil industry and invite American companies to revive it following the capture of President Nicolas Maduro is unlikely to have an immediate effect on global oil prices. While the proposal has drawn attention due to Venezuela's vast oil wealth, analysts say the country's damaged infrastructure and unstable political environment mean any meaningful production boost would take years.

Venezuela's oil sector has suffered from decades of mismanagement, corruption and international sanctions. Although some analysts believe output could eventually double or even triple from its current level of about 1.1 million barrels per day, such gains will not come quickly...