Trump says US oil firms will tap Venezuela reserves after Maduro's capture

Hours after Nicolás Maduro was captured by US special forces in Venezuela and indicted on drugs, weapons and “narco-terrorism” charges, US president Donald Trump spoke about plans for the country’s oil industry. Trump said Venezuela’s oil reserves, reputedly the world’s largest, are “set to be pumped by a parade of powerful US oil companies,” adding: “The oil companies are going to go in and rebuild their system.” He described oil’s nationalisation in Venezuela as “the greatest theft in the history” of the US and said, “They took our oil away from us.” US oil giants have been largely silent about Trump’s claim they will rush into Venezuela and invest billions.

Analysts are sceptical of the president’s vision of a significant increase in oil production in the country within 18 months. The article notes Chevron is the only US oil company currently operating in Venezuela after sanctions that ran from 2005 until 2022 were narrowly lifted to allow its resumption.

Key Topics

World, Donald Trump, Venezuela, Nicolás Maduro, Chevron, Venezuelan Oil