US President Donald Trump has stated that
American oil companies could have an expanded presence in Venezuela within 18 months and might even be “up and running” sooner.
“I think we can do it in less time than that, but it’ll be a lot of money,” Trump told NBC News. “A tremendous amount of money will have to be spent, and the oil companies will spend it, then they’ll get reimbursed by us or through revenue.”
The comments came shortly after a US military operation Saturday that captured Venezuelan leader Nicolas Maduro. Trump said Americans would have a presence in the country “as it pertains to oil,” but noted that companies would first need to rebuild Venezuela’s crumbling infrastructure before tapping its rich oil reserves.
Currently, Chevron is the only major US oil company operating in Venezuela. ConocoPhillips and Exxon Mobil left nearly 20 years ago after their assets were nationalized under Hugo Chávez.
“It’ll be a very substantial amount of money,” Trump said of the investments needed. “But they’ll do very well. And the country will do well.” He added that expanded drilling in Venezuela could help reduce oil prices.
Trump also acknowledged that American oil companies were aware the administration had been considering a military operation but said they were not informed in advance.
Energy Secretary Chris Wright is scheduled to meet with executives from Exxon and ConocoPhillips later this week to discuss Venezuelan oil, NBC News reported. Wright is leading the administration’s efforts to rebuild Venezuela’s oil infrastructure.
Venezuela instability pushes oil prices down to $61 per barrel
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| Venezuela instability lead oil prices down to $61 per barrel |
Global oil prices have fallen to $61 per barrel amid instability in Venezuela, down from over $62 per barrel. The South American nation’s 303 billion barrels of proven oil reserves, about 17% of the global total, continue to weigh on market sentiment.
Analysts suggest that prices could drop further below $60 per barrel if tensions between the United States and Venezuela persist.
Meanwhile, OPEC+’s recent decision to pause production increases has yet to significantly influence the market. On January 4, 2026, eight OPEC+ countries confirmed they would hold back production increments for February and March due to seasonal factors.
Petroleum economist
Prof. Wumi Iledare said the move signals caution rather than crisis and reflects a strategy to avoid volatility.
“The key message is flexibility. The 1.65 million barrels per day voluntary cuts can be restored gradually, in part or in full, depending on market conditions. Low inventories and a steady global economic outlook suggest a broadly balanced oil market,” he explained.
OPEC noted that the participating countries “reiterated that the 1.65 million barrels per day may be returned gradually, in part or in full, and confirmed their intention to fully compensate for any overproduced volume since January 2024.
What did UN Human Right office say ?
The Office of the United Nations High Commissioner for Human Rights (OHCHR) warned Tuesday that U.S. intervention in Venezuela violates international law and makes the world less safe.
U.S. forces ousted Venezuelan leader Nicolas Maduro in a surprise operation over the weekend. Maduro faces four criminal charges in the U.S., including narco-terrorism, and his vice president has been sworn in as interim president.
“It is clear that the operation undermined a fundamental principle of international law: that states must not threaten or use force against the territorial integrity or political independence of any state,” the OHCHR said.
Ravina Shamdasani, the Office’s chief spokesperson, told reporters that the international community must “come together with one voice” to uphold this principle.
She added that the intervention, far from advancing human rights, undermines global security. “It sends a signal that the powerful can do whatever they like,” Shamdasani said.
She emphasized that the future of Venezuela should be decided by its own people, warning that instability and further militarization would only worsen the human rights situation in the country.
