Trump Says Venezuela Stole $17T in Oil, Pledges Full U.S. Control
TLDR
- President Trump announced that U.S. forces captured Nicolás Maduro in an operation conducted in Caracas.
- Trump accused Venezuela of stealing oil assets built by the United States worth over 17 trillion dollars.
- He confirmed that U.S. oil companies will take over and restore Venezuela’s damaged oil infrastructure.
- The U.S. will temporarily manage Venezuela but did not specify who will govern or for how long.
- Trump stated that the U.S. oil embargo on Venezuela is fully active and will remain in place.
President Donald Trump announced on Saturday that U.S. forces captured Venezuelan President Nicolás Maduro during an early-morning operation in Caracas, and said control of the country’s vast oil and gold reserves will shift to the United States, which he claims originally built the oil industry in Venezuela decades ago.
Speaking at a press conference, Trump accused Maduro’s administration of stealing American-built assets, vowed to restore the country’s energy sector, and said U.S. oil companies would now step in to rebuild production infrastructure while the U.S. temporarily manages Venezuela.
The U.S. Energy Information Administration estimates the country holds 300 billion barrels of oil and 161 metric tons of gold reserves.
Trump Confirms U.S. Oil Companies to Overhaul Venezuela Production
Trump said the U.S. will begin efforts to rebuild Venezuela’s oil sector using American companies and investment. “We’re going to have our very large United States oil companies… go in, spend billions of dollars,” Trump told reporters.
He explained that Venezuela had the potential to produce much more oil than it currently does, due to years of underinvestment. The U.S. will now guide that process, according to Trump, who stated, “They were pumping almost nothing by comparison to what they could have been.”
He also claimed the Venezuelan oil industry was originally an American creation, saying, “We built Venezuela’s oil industry with American talent, drive, skill.” He then said it was later “stolen” by the socialist regime.
Chevron is the only U.S. oil company with a limited operating license in the country. The company issued a statement confirming it remains focused on employee safety and compliance with regulations.
U.S. Enforces Oil Embargo, Targets Venezuela’s $22 Billion Gold Reserves
Trump said the oil embargo remains active and the U.S. will now manage global sales of Venezuelan oil. “We’re in the oil business. We’re going to sell it to them,” he stated regarding potential buyers, including China and Russia.
He confirmed that the embargo will continue while U.S. forces stabilize the country’s assets. “The embargo is in full effect,” Trump said while repeating, “They stole our oil.”
Venezuela also holds approximately 5.18 million troy ounces of gold, valued at around $22 billion at current market prices. Each $100 rise in gold prices boosts Venezuela’s gold value by $518 million.
Trump did not clarify whether the U.S. would assume control of the gold reserves. However, he noted that seizing energy and monetary assets is essential to prevent further “theft” of American resources.
The EIA says restoring Venezuela’s production to earlier levels would require over $8 billion in investment. Many oil pipelines are outdated, and the reserves include extra-heavy crude that is expensive to refine.
PDVSA, Venezuela’s state oil firm, still serves as the Maduro government’s top revenue source. But U.S. officials say technical issues and sanctions have weakened its production capacity.
China’s Ministry of Foreign Affairs criticized the operation, calling it a violation of international law and Venezuela’s sovereignty. Beijing remains Venezuela’s largest oil customer, though shipment data remains opaque.
Crude oil markets have not yet responded, as global trading resumes Sunday evening. The U.S. has not revealed who will govern Venezuela under temporary U.S. control or for how long.
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