Venezuela's oil reserves could be developed by US firms, Trump announces

US President Donald Trump said Saturday (January 3) that the removal of Venezuelan President Nicolás Maduro from power will open the door to the country’s vast oil reserves, a move that could significantly impact the global energy landscape.

“We’re going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure and start making money for the country,” Trump said during a press conference at Mar-a-Lago.

“They were pumping almost nothing by comparison to what they could have been.”

Venezuela holds the world’s largest oil reserves

According to the Energy Institute, Venezuela’s oil reserves are likely the equivalent of about 300 billion barrels, surpassing even Saudi Arabia, the top OPEC producer. Trump emphasized the strategic value of these resources.

“We built Venezuela’s oil industry with American talent, drive, skill, and the socialist regime stole it from us,” he said.

“This constituted one of the largest thefts of American property in the history of our country.”

US military presence to secure oil operations

Trump indicated that the United States would maintain a military presence in Venezuela to protect oil operations following the overnight strikes in Caracas.

“We’re going to have presence in Venezuela as it pertains to oil, because we have to have, we were sending our expertise in,” he said.

“So you may need something, not very much.”

US oil companies to lead investments

Trump outlined plans for US oil firms to invest heavily in modernizing Venezuela’s energy infrastructure.

“We’re going to have our very large United States oil companies…go in, spend billions of dollars, fix the badly broken infrastructure and start making money for the country,” he said.

Chevron currently operates in Venezuela under a limited license, but Trump suggested broader involvement from additional US companies would be needed.

Oil, sanctions, and global implications

Trump reaffirmed that the US embargo on Venezuelan oil remains “in full effect.” He also stressed plans to sell Venezuelan oil to international buyers, potentially affecting relations with major powers.

“We’ll be selling large amounts of oil to other countries,” he said.

“We’re in the oil business. We’re going to sell it to them.”