The United States leadership has signalled a renewed push to unlock Venezuelan oil flows, claiming the move would benefit both Venezuelans and Americans, even as critics point to Washington’s own sanctions as the main reason the oil has been blocked for years. President Donald Trump and Secretary of State Marco Rubio made the remarks days after US forces abducted Venezuelan President Nicolas Maduro from Caracas.
Speaking at his Mar-a-Lago residence, Trump said US oil companies would rebuild Venezuela’s damaged oil infrastructure, with investments running into billions of dollars. He claimed the companies would be repaid through oil sales, promising that Washington would “get the oil flowing” again. Trump later said that proceeds from selling Venezuelan oil would be controlled by the US government to ensure they benefit the people of Venezuela and the United States.
In a post on Truth Social, Trump claimed Venezuela would hand over between 30 and 50 million barrels of oil to the US, to be sold at market prices and shipped directly to American ports. At current prices, that oil could be worth up to $2.8 billion.
Rubio has echoed Trump’s position, arguing that Venezuela’s oil industry has been used to enrich criminal networks and foreign adversaries rather than ordinary citizens. He has blamed corruption under Maduro for the country’s mass migration crisis, which has seen nearly eight million Venezuelans flee since 2014.
However, analysts and legal experts note that US sanctions have severely crippled Venezuela’s oil industry, cutting off investment, equipment and access to global markets. Despite holding the world’s largest proven oil reserves, Venezuela now earns only a fraction of its past oil revenue. Experts stress that under international law, Venezuela alone owns its oil, and external control over those resources would be illegal.
