President Donald Trump held a press conference at his Mar-a-Lago residence following a U.S. military operation in Venezuela that resulted in the capture of President Nicolás Maduro and his wife, Cilia Flores. During the event, Trump announced that major U.S. oil companies would invest billions in Venezuela's energy sector, emphasizing the need to repair the country's "badly broken" oil infrastructure.
The military operation, which marked a significant escalation in U.S. involvement in Venezuela, followed a period of increased military presence in the Caribbean. Trump stated that the U.S. would temporarily govern Venezuela until a "safe, proper and judicious transition" could occur but did not provide specific details about the governing group or the transition process.
The U.S. oil embargo on Venezuelan oil remains in place, according to Trump, who indicated that the oil companies would be reimbursed for their expenditures related to infrastructure repairs. He expressed confidence that the U.S. would be able to restore oil production, which has significantly declined from its peak of 3.5 million barrels per day in the late 1990s to approximately 800,000 barrels per day currently.
Venezuela, a founding member of OPEC, has a history of nationalizing its oil industry, seizing assets from major firms such as Exxon Mobil, Shell, and Chevron in 1976. The presence of foreign entities, including China and Russia, in Venezuela's oil sector was acknowledged, with recent developments indicating ongoing joint ventures with Russian-linked companies.