Donald Trump predicts U.S. oil companies will be able to resume operations in Venezuela within 18 months after deploying troops to attack and overthrow President Nicolás Maduro.
Foreign news agencies reported on Tuesday, 6 Jan 2026 GMT+7, that U.S. President Donald Trump told the media that American oil companies would be able to restart and expand operations in Venezuela within 18 months, following U.S. military operations in this South American country and the arrest of President Nicolás Maduro and his wife for prosecution in the United States.
Trump told NBC News, “There will have to be a massive expenditure, which the oil companies will pay for, and then they will be reimbursed by us or through incoming revenues.”
The U.S. leader also predicted that oil production could be accelerated in less than 18 months but would require enormous funding. He clearly expressed his ambition for American oil companies to expand their operations in Venezuela.
“Having Venezuela as an oil producer is beneficial to the U.S. because it helps keep oil prices low,” Trump claimed.
Meanwhile, CBS News reported that representatives from major U.S. oil companies plan to meet with the Trump administration later this week.
Previously, analysts told BBC that restoring Venezuela's oil production capacity to previous levels could require tens of billions of dollars and might take up to a decade.
Analysts expressed doubt about whether Trump’s plan would significantly impact global oil supply and prices. They noted companies would seek assurance that a stable government was established first, and even with investments, projects might take several years before yielding output.
Venezuela has the world's largest proven oil reserves, approximately 303 billion barrels, but its oil production has steadily declined since the early 2000s.
Besides requiring massive investment to increase production, Venezuela’s oil is heavy crude, which is harder to refine, and currently, only one U.S. company, Chevron, continues operations in the country.
Trump justified Maduro’s arrest by citing drug trafficking and security threats. He also claimed Venezuela “seized and stole American oil.”
Vice President JD Vance supported this claim on X, stating, “Venezuela expropriated American oil assets and until recently used those stolen assets to generate wealth and support their drug trafficking and terrorist activities.”
However, the reality is more complex. U.S. oil companies have a long history in Venezuela, operating under concession agreements.
Venezuela nationalized its oil industry in 1976, and later in 2007, President Hugo Chávez increased state control over all remaining foreign-owned assets, including U.S. oil companies operating there.
In 2019, an international tribunal at the World Bank ordered Venezuela to pay $8.7 billion in compensation to ConocoPhillips for actions taken in 2007, but Venezuela has yet to pay, leaving at least one U.S. oil company unpaid.
Ben Chou from BBC Verify said the claim that Venezuela “stole” American oil is oversimplified, as experts note the oil itself has always belonged solely to Venezuela.
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Source:bbc