US oil giants have so far remained silent on Donald Trump’s claim that they are primed to spend “billions and billions of dollars” rebuilding the Venezuelan oil industry following the ouster of Nicolás Maduro​. Venezuela’s vast oil reserves – reputedly the world’s largest – will be modernized and exploited, Trump claimed in interviews and a press conference at his Mar-a-Lago estate. We continue to operate in full compliance with all relevant laws and regulations.”Venezuela​ moved to nationalize its oil industry about 50 years ago, and​ later ​seized control of operations still run under private arrangements​ in 2007. Venezuela holds some 17% of global oil reserves, according to the Energy Institute. “Prices will come down and will continue to come down … That means that oil companies will be very, very selective of where they invest, in a period of lower prices.

Source: The Guardian January 04, 2026 16:30 UTC