Trump Says US Oil Firms Could Enter Venezuela After Military Operation

US President Donald Trump said on Saturday that American oil companies could be allowed to operate in Venezuela following a US military operation that led to the capture of the country’s leader, Nicolas Maduro.

Trump said US forces carried out air strikes on Venezuela’s capital, Caracas, early on Saturday. Maduro and his wife were captured and flown to New York, where they are facing drug trafficking and weapons-related charges.

Speaking at a news conference in Florida, Trump said major US oil companies would invest billions of dollars to repair Venezuela’s damaged oil infrastructure and restart production, which he said would help generate income for the country.

However, Trump stressed that the US embargo on Venezuelan oil remains fully in effect.

The United States imposed economic sanctions on Venezuela in 2017, followed by oil sanctions in 2019. Venezuela currently produces just under one million barrels of oil per day, according to OPEC, with much of it sold on the black market at discounted prices.

Trump accused Venezuela’s leadership of using oil revenues to fund criminal activities, including drug trafficking and human trafficking.

At the start of his second term in 2025, Trump ended licenses that had allowed foreign oil companies to operate in Venezuela despite sanctions. US energy company Chevron remains the only firm granted an exemption and continues to operate oil fields in partnership with Venezuela’s state-owned company PDVSA.

Washington has also imposed a full blockade on sanctioned oil tankers traveling to and from Venezuela.

Venezuela holds about 17 percent of the world’s oil reserves, according to the International Energy Agency, but years of mismanagement and corruption have sharply reduced production. Analysts say the United States is not dependent on Venezuelan oil, and political considerations continue to shape Washington’s policy.