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U.S. President Donald Trump holds a news conference as Defense Secretary Pete Hegseth looks on following a U.S. strike in Venezuela where President Nicolas Maduro and his wife, Cilia Flores, were captured, from Trump’s Mar-a-Lago club in Palm Beach, Florida, U.S., January 3, 2026.
Jonathan Ernst | Reuters
President Donald Trump said Saturday that U.S. oil companies will invest billions of dollars in Venezuela’s energy sector after the president’s overthrow Nicolas Maduro.
“We’re going to ask our very large American oil companies – the largest in the world – to step in, spend billions of dollars, repair badly damaged infrastructure, oil infrastructure,” he added. Trump said at a press conference from his home at Mar-a-Lago in Palm Beach, Florida.
“Let’s start making money for the country,” Trump said.
Venezuela, a founding member of OPEC, has the largest proven oil reserves in the world. Chevron operates in the South American country, exporting around 140,000 barrels per day in the fourth quarter of 2025, according to data from energy consultancy Kpler.
US forces captured Maduro and his wife, Cilia Flores, during a large-scale attack on the South American nation overnight. They were indicted for 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, as well as the integrity of our assets.”
“We continue to operate in full compliance with all applicable laws and regulations,” the oil major said. CNBC contacted Exxon Mobile for comment.
Trump said that the United States “to lead the country until we can make a safe, appropriate and wise transition. The president said the United States would temporarily rule Venezuela “as a group,” without providing details.
An oil tanker is anchored on Lake Maracaibo near Maracaibo, Zulia state, Venezuela, December 18, 2025.
Alexandre Paredes | Afp | Getty Images
Maduro’s overthrow comes after several months of US military buildup in the Caribbean. Trump said the embargo he imposed on Venezuelan oil “remains in full force.”
The president said oil companies would directly pay the cost of rebuilding Venezuela’s oil infrastructure. “They will be reimbursed for what they do,” Trump said.
“We’re going to make sure the oil flows the way it should,” he said. “We will sell large quantities of oil to other countries, many of which are already using it, but I would say many more will come,” he said.
Venezuela nationalized its oil industry in 1976, seizing the assets of international oil majors to create the state-owned Petróleos de Venezuela SA (PDVSA).
A motorcyclist passes an oil-themed mural in Caracas, Venezuela, September 1, 2022.
Nuphoto | Nuphoto | Getty Images
Venezuela’s production peaked at 3.5 million barrels per day in the late 1990s but has declined significantly since then, said Matt Smith, an oil analyst at Kpler.
The country’s current production stands at around 800,000 barrels per day, according to Kpler data. For the week of December 26, the United States produced approximately 13.8 million barrels per day.
China and Russia have a presence in Venezuela’s oil sector, said Andy Lipow, president of Lipow Oil Associates. Maduro’s regime in November approved a 15-year extension of joint ventures with Russia-linked companies operating fields in Venezuela, Lipow said.
