After U.S. Seizes Maduro, Trump Moves to Control Venezuela’s Oil and Reopen It to American Companies
President Donald Trump is rapidly reshaping U.S. policy toward Venezuela following an extraordinary American military operation that resulted in the capture of Nicolás Maduro and his transfer to New York to face federal drug-trafficking charges. With Maduro removed from power and Delcy Rodríguez sworn in as interim president, the Trump administration is now openly positioning Venezuela’s oil industry under U.S. control, courting American oil companies to rebuild the country’s devastated energy infrastructure and selling seized Venezuelan crude on global markets under presidential authority.
White House Meeting With Oil Executives
According to a White House official, Trump is scheduled to meet with oil executives at the White House on January 9, as his administration seeks U.S. corporate participation in restarting Venezuela’s oil sector. The effort follows Trump’s public declaration that the United States will effectively “run” Venezuela until a new government is fully established, a claim he has made without releasing details on the legal or administrative framework for such control. Energy Secretary Chris Wright is separately meeting with oil executives in Miami on January 7, part of a coordinated push to bring American firms back into a country whose oil sector has been crippled by years of sanctions, mismanagement, and state control.
Trump Claims Venezuela “Stole” American Oil
In remarks following Maduro’s capture on January 3, Trump framed the U.S. intervention as a response to what he described as the theft of American property.
“We built Venezuela oil industry with American talent, drive and skill,” Trump said. “And the socialist regime stole it from us during those previous administrations… This constituted one of the largest thefts of American property in the history of our country.”
That assertion has been disputed by international energy law experts, who note that Venezuela nationalized its oil industry in the 1970s and seized foreign-owned assets under Hugo Chávez beginning in 2007, actions that were controversial but carried out under Venezuelan law.
Rebuilding the Oil Industry With U.S. Money at Risk
Trump told NBC News on January 5 that Venezuelan oil production could be revived in less than 18 months, though he acknowledged the process would require billions of dollars in investment.
“A tremendous amount of money will have to be spent, and the oil companies will spend it,” Trump said. “And then they’ll get reimbursed by us, or through revenue.”
The comments suggest the U.S. government may underwrite or reimburse private oil companies for rebuilding Venezuela’s infrastructure a move that could expose American taxpayers to significant financial risk. Venezuela holds the largest proven oil reserves in the world, but much of its crude is heavy and requires specialized processing. Years of neglect have left pipelines, refineries, and export terminals in disrepair.
Selling Venezuelan Oil Under Presidential Control
Trump also announced that the United States will sell between 30 million and 50 million barrels of Venezuelan oil that he said has been turned over to U.S. control.
“This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America,” Trump wrote in a January 6 social media post.
According to reporting cited by Bloomberg, proceeds, estimated between $1.8 billion and $3 billion depending on prices, will be held in U.S. Treasury-controlled accounts and administered directly under presidential authority. Trump has said the funds will be used to benefit both Venezuela and the United States, while preventing revenue from flowing to adversarial governments including China, Russia, Iran, and Cuba.
Chevron and the Return of U.S. Oil Giants
For decades, Venezuela’s oil industry has been dominated by the state-run company PDVSA. The only major U.S. oil company still operating there in recent years has been Chevron, through a limited joint venture. Trump revoked Chevron’s operating license early in 2025, then partially reinstated it in July. Politico reported in December that the administration had quietly reached out to major oil firms, including Exxon and ConocoPhillips, about returning to Venezuela. The administration has also seized Venezuelan oil tankers at sea and imposed a blockade on sanctioned vessels entering or leaving Venezuelan ports, cutting off exports to long-time buyers such as China and Russia.
Legal and Ethical Questions Loom
Trump’s actions mark one of the most aggressive assertions of U.S. control over a foreign nation’s natural resources in modern history. While the administration argues the measures are necessary to stabilize Venezuela and prevent oil revenues from funding hostile regimes, critics warn that:
The legal basis for U.S. control over Venezuelan oil remains unclear
Presidential control over foreign oil revenues raises constitutional and ethical concerns
Reimbursing oil companies could socialize losses while privatizing future gains
Trump has not outlined how Venezuela will be governed during this interim period, nor how long U.S. control would last.
A High-Stakes Gamble
For Trump, Venezuela represents both a geopolitical prize and a massive economic gamble. For American oil companies, it offers access to vast reserves paired with political risk rarely seen in the modern energy market. For Venezuela, the outcome remains uncertain: a nation rich in oil, now caught between U.S. military power, corporate interests, and an interim government with limited legitimacy. What is clear is that the Trump administration has moved far beyond sanctions and diplomacy and into direct control of a sovereign nation’s most valuable asset.
