U.S. President Donald Trump holds a press conference from Trump’s Mar-a-Lago club in Palm Beach, Florida, on January 3, 2026, watched by Secretary of Defense Pete Hegseth, following the attack on Venezuela that captured President Nicolas Maduro and his wife, Cilia Flores.
Jonathan Ernst | Reuters
President Donald Trump made clear Saturday that U.S. investments in oil-rich Venezuela’s energy sector are a central objective of the regime change operation that ousted President Nicolas Maduro.
“We’re going to get a very large American oil company, the largest in the world, to come in and spend billions of dollars to fix up our badly broken infrastructure, our oil infrastructure,” Trump said at a press conference at his Mar-a-Lago mansion in Palm Beach, Florida.
“Let’s start making money for our country,” President Trump said.
Venezuela, a founding member of OPEC, has the world’s largest proven oil reserves at 303 billion barrels, or 17% of global reserves, according to the U.S. Energy Information Administration.
chevron is the only major U.S. oil company operating in the South American country. It exported about 140,000 barrels per day in the fourth quarter of 2025, according to data from energy consulting firm Kpler.
US forces captured Maduro and his wife Cilia Flores overnight in a major offensive against the South American country. They were charged with drug trafficking in the Southern District of New York.
Chevron said in a statement that it “remains focused on the safety and well-being of our employees and the integrity of our assets.”
The oil major said: “We will continue to operate in full compliance with all relevant laws and regulations.” CNBC contacted: exxon mobil Further comment required.
President Trump said the United States would “run the country until such time as there is a safe, appropriate and wise transition of power.” The president did not provide details, but said the United States would temporarily run Venezuela “as a group.”
A crude oil tanker anchors in Lake Maracaibo near Maracaibo, Zulia state, Venezuela, December 18, 2025.
Alejandro Paredes | AFP | Getty Images
President Maduro’s overthrow comes after months of U.S. military buildup in the Caribbean. President Trump said the embargo on Venezuelan oil “remains in full force and effect.”
The president said the cost of rebuilding Venezuela’s crude oil infrastructure would be paid directly by oil companies. “They will be retaliated against for what they did,” Trump said.
“We’re going to let the oil flow where it’s supposed to go,” he said. “We’re going to sell a lot of oil to other countries, many of which are currently using it, and more are coming,” he said.
Venezuela nationalized its oil industry in 1976, seizing assets from international oil majors and creating the state-run Petroleos de Venezuela SA (PDVSA).
A motorcyclist passes an oil-themed mural in Caracas, Venezuela, on September 1, 2022.
Null Photo | Null Photo | Getty Images
Venezuela’s production peaked at 3.5 million barrels per day in the late 1990s, but has declined significantly since then, said Kpler oil analyst Matt Smith.
The country’s current production is around 800,000 barrels per day, according to Kpler data. By comparison, U.S. production for the week ending Dec. 26 was about 13.8 million barrels per day.
Andy Lipow, president of Lipow Oil Associates, said China and Russia have a presence in Venezuela’s oil sector. In November, the Maduro government approved a 15-year extension to a joint venture with a Russian-linked company that operates fields in Venezuela, Lipou said.
Lipou said Venezuela’s oil exports could come to a complete halt as it is unclear who is in charge in the capital, Caracas, and buyers likely won’t know who to send money to. Lipow said Chevron is likely to mitigate the impact on supply and continue exporting.
“We remain concerned about the local security (or lack thereof) situation and how it may impact oil production facilities, infrastructure and exports,” the analyst said in a note to clients on Saturday.
Smith, the Kepler analyst, said the oversupply in the oil market “will help cushion the blow from further supply disruptions.”
The oil market in 2025 recorded the largest annual decline in the past five years. Brent crude, the global benchmark, fell about 19% last year, while U.S. crude oil fell nearly 20%. The market is under pressure after OPEC+ increased production after years of cuts. The United States is also producing at record levels.
