By Haifa Chairunisa
President Donald Trump said the United States could control more than half of global oil production if American companies are allowed to reenter Venezuela’s energy sector.
Venezuela holds the world’s largest proven oil reserves but nationalized U.S.-owned assets in the 2000s under then-president Hugo Chávez, effectively shutting out American firms. Trump described the move as unjust and cited it as a key reason behind recent U.S. actions targeting Chávez’s successor, President Nicolás Maduro.
Speaking on Friday at the White House alongside executives from ExxonMobil, Chevron, and ConocoPhillips, Trump said Washington plans to work with Venezuela to rebuild its energy infrastructure. He added that restoring U.S. involvement would significantly boost oil output. “If we combine Venezuela and the United States, we have 55% of the world’s oil,” Trump said.
Following the meeting, Trump announced that U.S. companies would commit at least $100 billion to investments in Venezuela’s oil industry.
However, ExxonMobil Chief Executive Darren Woods cautioned that Venezuela is not currently suitable for investment without major regulatory reforms and a restructuring of its energy sector. While Caracas has not confirmed granting U.S. companies access, interim Venezuelan leader Delcy Rodríguez said earlier this week that the country remains open to energy cooperation with all parties, including the United States.
Venezuelan officials have rejected Trump’s remarks, accusing Washington of attempting to exploit the nation’s natural resources and condemning the detention of Maduro as a violation of national sovereignty. Maduro pleaded not guilty to drug and weapons trafficking charges during a court appearance in the United States on Monday.
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