Trump Administration Pushes for Control of Venezuela’s Oil After Maduro’s Arrest

Following the arrest of Venezuelan President Nicolás Maduro, the Trump administration has begun efforts to gain control over the country’s vast oil reserves. This week, a key meeting is scheduled at the White House with executives from top U.S. oil companies.

Despite having some of the world’s largest oil reserves, Venezuela’s production has plummeted over the past two decades. The administration wants giants like ExxonMobil, Chevron, and ConocoPhillips to return to Venezuela and invest billions of dollars to increase output. Currently, only Chevron operates there on a limited scale.

After Maduro’s detention on Saturday, Trump claimed he had already spoken with all major oil firms. However, Reuters reported that Exxon, ConocoPhillips, and Chevron said they had no formal discussions with the administration before or after the operation.

Speaking to NBC News, Trump said, “I talk to everyone. The companies knew we were going to do something, but they were not told the exact timing of the operation.”

White House spokesperson Taylor Rogers confirmed that U.S. companies are willing to invest in rebuilding Venezuela’s oil infrastructure, and the government is even considering providing subsidies if needed. Analysts, however, caution that restoring the country’s oil sector will be challenging, requiring years and huge investments due to political instability, legal complications, and near-ruined infrastructure.

News of U.S. companies potentially accessing Venezuela’s oil reserves triggered a surge in U.S. energy stocks on Monday, with Chevron shares rising 5.1% and ExxonMobil shares up 2.2%.