What's happened
As of January 9, 2026, the US administration under President Trump is advancing plans to control Venezuela's oil production and sales following the capture of Nicolás Maduro. The US aims to market tens of millions of barrels of Venezuelan crude, with oil giants like Chevron showing cautious interest, while ExxonMobil and ConocoPhillips demand significant reforms before reinvesting.
What's behind the headline?
US Strategic Control Over Venezuelan Oil
The Trump administration's move to control Venezuela's oil production and sales represents a significant geopolitical and economic strategy. By seizing Maduro and installing interim authorities, the US has positioned itself to influence one of the world's largest oil reserves directly.
Oil Companies' Hesitation and Conditions
While Chevron expresses readiness to expand operations immediately, ExxonMobil and ConocoPhillips remain cautious, citing Venezuela as "uninvestable" without "significant changes" in legal and commercial frameworks. This underscores the challenges of operating in a politically unstable environment with a history of nationalization.
Economic and Political Implications
The US plans to market Venezuelan crude indefinitely, controlling proceeds to benefit both countries. This approach could stabilize Venezuela's oil output and lower global energy prices, but it also risks escalating tensions with China and other global actors invested in Latin America.
Forecast and Consequences
The administration's insistence on private investment, backed by government protection, will likely accelerate infrastructure rebuilding but may face delays due to political and legal reforms needed. The US's indefinite control over oil sales signals a long-term commitment that will reshape regional power dynamics and energy markets.
Impact on Global Energy Markets and US Consumers
With Venezuela's production currently around 1 million barrels per day, the US aims to boost output significantly within 18 months, potentially easing energy costs domestically. However, the success depends on overcoming Venezuela's infrastructural decay and political uncertainties.
Summary
This strategy will redefine US-Venezuela relations, influence global oil supply, and test the resilience of American energy companies in a complex foreign environment.
What the papers say
Matthew Cullen of the New York Times highlights the cautious stance of oil giants like ExxonMobil, quoting CEO Darren Woods who called Venezuela "uninvestable" without major reforms. Lauren Aratani in The Guardian reports President Trump's promise of "total safety, total security" to oil companies and his push for $100 billion in private investment, with Chevron's Mark Nelson expressing commitment to doubling production immediately. Reuters' Jarrett Renshaw emphasizes the strategic importance of oil in Trump's Venezuela policy and notes the administration's control over oil sales to ensure alignment with US interests. Ariel Zilber from the NY Post details Energy Secretary Chris Wright's announcement that the US will market Venezuelan crude indefinitely, with proceeds held in US-controlled accounts. The Mirror's Tim Hanlon reports on the US military's seizure of Venezuelan oil tankers and the ongoing naval blockade, underscoring the enforcement of sanctions. Holly Williams in The Independent connects the oil supply developments to global market reactions, noting Brent crude's drop below $60 a barrel amid fears of oversupply. SBS provides context on the military operation that captured Maduro and the political fallout, including casualties and international reactions. Together, these sources paint a picture of a bold US strategy to control Venezuelan oil resources, tempered by the practical challenges faced by oil companies and geopolitical complexities.
How we got here
Venezuela, holding the world's largest proven oil reserves, has suffered decades of decline due to nationalization and political instability. The US military operation on January 3, 2026, captured Maduro, leading to a shift in control with interim authorities cooperating with the US. The Trump administration now seeks to revitalize Venezuela's oil sector and secure energy supplies for the US.
Go deeper
- What are the risks for US oil companies investing in Venezuela?
- How will Venezuela's oil production affect global energy prices?
- What is the international reaction to US control over Venezuelan oil?
Common question
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Why Is the US Taking Control of Venezuela’s Oil Now?
The US has recently increased its involvement in Venezuela’s oil industry, including seizing a Venezuelan tanker and planning to oversee oil sales. This move raises questions about US motives, the impact on Venezuela, and what it means for global oil markets. Below, we explore the reasons behind these actions and their broader implications.
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Stay informed with the latest headlines shaping our world today. From major political events to international conflicts, these stories are capturing attention and sparking conversations. Curious about what's happening now? Below, you'll find answers to common questions about today's top news stories, helping you understand the key details and their implications.
More on these topics
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Donald John Trump is an American politician, media personality, and businessman who served as the 45th president of the United States from 2017 to 2021.
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Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many small islands and islets in the Caribbean Sea.
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Nicolás Maduro Moros is a Venezuelan politician serving as president of Venezuela since 2013. His presidency has been disputed by Juan Guaidó since January 2019, although Maduro is the real president.
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ConocoPhillips is an American multinational energy corporation with its headquarters located in the Energy Corridor district of Houston, Texas in the United States.
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Chevron Corporation is an American multinational energy corporation. One of the successor companies of Standard Oil, it is headquartered in San Ramon, California, and active in more than 180 countries.
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Christopher Allen Wright (born January 15, 1965) is an American businessman and government official serving as the 17th United States secretary of energy since February 2025. Before leading the U.S. Department of Energy, Wright served as the CEO of Libert
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The United States of America, commonly known as the United States or America, is a country mostly located in central North America, between Canada and Mexico.