Published: 12:42 AM, 05 January 2026
Donald Trump says US will look into Venezuelan oil reserves
Venezuela's vast oil reserves are the largest in the world, likely the equivalent of about 300 billion barrels, according to the Energy Institute, a research firm. Its reserves top those of even the No. 1 OPEC oil-producing country, Saudi Arabia. AP
US President Donald Trump said on Saturday that the removal of Venezuela President Nicolás Maduro from power will open the door to the country's vast oil reserves, a move that has the potential to reshape the global energy market, reports NBC News.
"We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure and start making money for the country," Trump said in a public address. Venezuela's vast oil reserves are the largest in the world, likely the equivalent of about 300 billion barrels, according to the Energy Institute, a research firm. Its reserves top those of even the No. 1 OPEC oil-producing country, Saudi Arabia.
But ramping up oil production would likely require years of work and sizable investments to modernize its industry, according to the U.S. Energy Information Administration, something that will also require a certain level of political stability. Trump said in his public address that the U.S. would "run" Venezuela for the time being but did not specify who would be involved or how.
"We built Venezuela's oil industry with American talent, drive, skill, and the socialist regime stole it from us," Trump asserted. "This constituted one of the largest thefts of American property in the history of our country."
Trump said the embargo he imposed on Venezuela oil remains "in full effect."
"They stole our oil," he added. "They took it over like it was nothing."
"We'll be selling large amounts of oil to other countries," Trump said when he was asked how controlling Venezuela's energy supply could impact relations with China, Russia and Iran. "We're in the oil business. We're going to sell it to them." Venezuela has for decades enjoyed a level of economic success thanks to its oil, which it supplies to a variety of trading partners. Currently, China is Venezuela's top oil customer, according to analysts, but due to the secretive nature of some of those exports exact data is hard to come by.
