In early January 2026, a military operation led by the Trump administration resulted in the capture of former Venezuelan President Nicolás Maduro. The operation aimed to remove Maduro’s government and disrupt drug trade routes. Trump claimed that Venezuela had stolen American oil and assets worth billions. With Maduro gone, Delcy Rodríguez took over as interim president.
The Trump administration showed a willingness to maintain military involvement in Venezuela. Trump expressed openness to a U.S. occupation to secure access to Venezuelan oil. He stated that American oil companies were expected to invest $100 billion in the country’s oil production. Secretary of State Marco Rubio announced that the U.S. would export between 30 million and 50 million barrels of Venezuelan oil to be sold at market prices. Trump suggested that revenue from the seized oil would benefit the Venezuelan people, U.S. companies, and help reimburse the United States for damages.
However, major oil companies like ExxonMobil, ConocoPhillips, and Chevron were hesitant. They reportedly had no prior knowledge of the military operation. ExxonMobil’s CEO, Darren Woods, called Venezuela “uninvestable” due to its legal framework. Most oil executives at a meeting with Trump did not make firm investment commitments. Trump even hinted at keeping ExxonMobil out of Venezuela due to their lack of enthusiasm for investment.
The Trump administration pointed to historical asset seizures in Venezuela as evidence of theft from U.S. companies. They claimed that American firms lost about $20 to $30 billion when Venezuela nationalized parts of the oil industry in 2007. Operation Absolute Resolve raised concerns about possible backlash from Venezuelans and foreign powers. The operation could spark conflicts as different interests clash over Venezuela’s rich oil resources. Additionally, the proposed legislation to loosen state control over the oil sector aims to increase production and attract foreign investment. The situation remains tense as the world watches how these developments unfold.
