TLDR

  • President Trump stated that U.S. forces took Nicolás Maduro into custody during a Caracas-based operation.
  • Trump alleged that Venezuela stole U.S.-built oil assets valued at more than $17 trillion.
  • He affirmed that U.S. oil firms will assume control of and repair Venezuela’s damaged oil infrastructure.
  • The U.S. will oversee Venezuela temporarily but did not specify who will govern or for how long.
  • Trump said the U.S. oil embargo on Venezuela is fully enforced and will stay in effect.

President Trump declared on Saturday that U.S. forces seized Venezuelan President Nicolás Maduro in a pre-dawn operation in Caracas, adding that control of the nation’s extensive oil and gold reserves will transfer to the U.S.—which he asserts first established Venezuela’s oil industry decades prior.

Addressing reporters at a press conference, Trump accused Maduro’s government of stealing U.S.-constructed assets, pledged to revitalize the country’s energy sector, and noted that U.S. oil companies would now intervene to rebuild production infrastructure as the U.S. temporarily administers Venezuela.

The U.S. Energy Information Administration projects that Venezuela has 300 billion barrels of oil and 161 metric tons of gold in reserves.

Trump Confirms U.S. Oil Companies Will Overhaul Venezuela’s Production

Trump stated that the U.S. will initiate efforts to rebuild Venezuela’s oil sector using American firms and investment. “We’re going to have our very large United States oil companies… go in there, spend billions of dollars,” Trump told reporters.

He elaborated that Venezuela could produce far more oil than it does now because of years of insufficient investment. The U.S. will now lead that process, Trump said, noting, “They were pumping almost nothing compared to what they could have been producing.”

He also asserted that the Venezuelan oil industry was initially an American creation, stating, “We built Venezuela’s oil industry with American talent, drive, and skill.” He then added that it was later “stolen” by the socialist government.

Chevron is the sole company with a limited operating license in Venezuela. The firm released a statement confirming that it continues to prioritize employee safety and regulatory compliance.

U.S. Enforces Oil Embargo, Targets Venezuela’s $22 Billion Gold Reserves

Trump noted that the oil embargo remains in place and that the U.S. will now oversee global sales of Venezuelan oil. “We’re in the oil business. We’re going to sell it to them,” he said of potential buyers like China and Russia.

He confirmed that the embargo will persist as U.S. forces stabilize Venezuela’s assets. “The embargo is fully in effect,” Trump stated, reiterating, “They stole our oil.”

Venezuela also possesses roughly 5.18 million troy ounces of gold, worth about $22 billion at current market rates. Every $100 increase in gold prices adds $518 million to the value of Venezuela’s gold reserves.

Trump did not specify whether the U.S. would take control of the . However, he emphasized that seizing energy and financial assets is critical to stopping further “theft” of American resources.

Restoring Venezuela’s production to previous levels would need more than $8 billion in investment. Numerous oil pipelines are outdated, and the reserves contain extra-heavy crude that is costly to process.

PDVSA, Venezuela’s state-owned oil company, remains the Maduro government’s primary revenue stream. However, U.S. officials indicate that technical problems and sanctions have reduced its production capabilities.

China’s Ministry of Foreign Affairs condemned the operation, labeling it a breach of international law and Venezuela’s sovereignty. Beijing is still Venezuela’s biggest oil buyer, though shipment data is unclear.

Crude oil markets have yet to react, as global trading restarts Sunday evening. The U.S. has not disclosed who will govern Venezuela during its temporary control or how long that control will last.