Palm Beach, United States.
Following a US military operation that resulted in the capture of Venezuelan President Nicolás Maduro, US President Donald Trump has stated that American oil companies will be allowed to enter the country to develop its vast crude oil reserves.
Speaking at a news conference in Florida on Saturday, Trump stated that major US oil companies would invest billions of dollars to repair Venezuela's oil infrastructure, which has suffered years of decline and underinvestment.
"We're going to have our very large US oil companies, the largest in the world, go in and spend billions of dollars to fix the badly broken infrastructure, the oil infrastructure, and start making money for the country," Trump said.
Earlier on Saturday, the United States military launched a series of air strikes on Venezuela's capital, Caracas. Maduro and his wife were apprehended during the operation and flown to New York City, where they face drug trafficking and weapons charges.
Despite the announcement, Trump stated that the US embargo on Venezuelan oil would remain fully in effect. Washington imposed broad economic sanctions against Venezuela in 2017, followed by oil sanctions two years later.
According to the Organisation of Petroleum Exporting Countries (OPEC), Venezuela currently produces just under one million barrels of crude oil per day, with much of that output reportedly sold on the black market at heavily discounted prices. Trump has repeatedly accused Venezuela's government of using oil revenues to fund drug trafficking, human trafficking, and other criminal activities.
At the start of Trump's second term in 2025, the US administration revoked licences that had allowed multinational oil and gas companies to operate in Venezuela despite sanctions, leaving only US energy company Chevron exempt. Chevron operates four oil fields in collaboration with Venezuela's state-owned oil company, PDVSA, and its affiliates.
Washington has also imposed a comprehensive blockade on sanctioned tankers bound for and from Venezuela, further limiting the country's oil exports.
According to the International Energy Agency's 2023 assessment, Venezuela holds approximately 17% of the world's proven oil reserves, but it is still far from being a leading producer due to years of mismanagement and corruption. Venezuelan crude is generally of lower quality, and it is primarily refined into diesel and industrial byproducts like asphalt.
The United States has refineries in the Gulf of Mexico that are specifically designed to process Venezuelan crude. However, analysts believe the United States is not reliant on Venezuelan oil supplies.
"The United States is doing just fine without Venezuelan oil," Stephen Schork, an analyst at consulting firm the Schork Group, told AFP last month, citing political motivations for Washington's policy.
