The Venezuelan oil industry has been “a total bust” for a long time, according to Donald Trump. After attacking Caracas and taking the country’s leader captive, Trump promised to take control of Venezuela’s oil industry with the help of America’s biggest oil companies. A quarter of a century later, neglect, poor infrastructure, under-investment and corruption have eroded the country’s oil industry and its economy. The oil companies potentially in line to invest include Exxon Mobil, the largest US oil company, and the Texas-headquartered Conocophillips, both of which were active in Venezeula’s oil industry before it was nationalised by Chávez. By wresting control of Venezuela’s oil industry, the US has in effect gained control of billions in expected repayments, and a key source of cut-price energy for China’s developing economy.

Source: The Guardian January 04, 2026 16:28 UTC