\u201cThey were pumping almost nothing by comparison to what they could have been,\u201d he said.<\/p>\n
Trump\u2019s comments came just hours after a stunning raid early Saturday in which U.S. armed forces and law enforcement captured Maduro and struck parts of the capital, Caracas.<\/p>\n
Follow live coverage<\/strong><\/em><\/a><\/p>\n Venezuela\u2019s vast oil reserves are the largest in the world, likely the equivalent of about 300 billion barrels, according to the Energy Institute<\/a>, a research firm. Its reserves top those of even the No. 1 OPEC oil-producing country, Saudi Arabia.<\/p>\n But ramping up oil production would likely require years of work and sizable investments to modernize its industry, according to the U.S. Energy Information Administration, something that will also require a certain level of political stability. Trump said in his public address that the U.S. would \u201crun\u201d Venezuela for the time being but did not specify who would be involved or how.<\/p>\n \u201cWe built Venezuela\u2019s oil industry with American talent, drive, skill, and the socialist regime stole it from us,\u201d Trump asserted. \u201cThis constituted one of the largest thefts of American property in the history of our country.\u201d<\/p>\n Trump said the embargo he imposed on Venezuela oil remains \u201cin full effect.\u201d<\/p>\n \u201cThey stole our oil,\u201d he added. \u201cThey took it over like it was nothing.\u201d<\/p>\n \u201cWe\u2019ll be selling large amounts of oil to other countries,\u201d Trump said when he was asked how controlling Venezuela\u2019s energy supply could impact relations with China, Russia and Iran. \u201cWe\u2019re in the oil business. We\u2019re going to sell it to them.\u201d<\/p>\n Venezuela has for decades enjoyed a level of economic success thanks to its oil, which it supplies to a variety of trading partners. Currently, China is Venezuela\u2019s top oil customer, according to analysts, but due to the secretive nature of some of those exports exact data is hard to come by.<\/p>\n Any U.S. effort to gain access to Venezuela\u2019s oil could also further inflame tensions with China, which issued a terse condemnation of Maduro\u2019s removal.<\/p>\n \u201cSuch hegemonic acts of the U.S. seriously violate international law and Venezuela\u2019s sovereignty, and threaten peace and security in Latin America and the Caribbean region,\u201d China\u2019s Ministry of Foreign Affairs said Saturday<\/a>. \u201cChina firmly opposes it.\u201d<\/p>\n Chevron is the only U.S. oil company that operates in Venezuela, under a limited license issued to it by the Trump administration. Under a more involved plan like one envisioned by Trump, more companies would likely need to enter the country.<\/p>\n \u201cChevron remains focused on the safety and wellbeing of our employees, as well as the integrity of our assets,\u201d a company spokesperson said on Saturday morning. \u201cWe continue to operate in full compliance with all relevant laws and regulations.\u201d<\/p>\n ConocoPhillips said it was “monitoring developments in Venezuela and their potential implications for global energy supply and stability” but added that it would be “premature to speculate on any future business activities or investments.\u201d<\/p>\n ExxonMobil and other international oil giants did not respond to questions outside of normal business hours Saturday.<\/p>\n Major U.S. involvement in Venezuela\u2019s oil sector could be transformational for the industry and energy markets, although establishing the infrastructure to drill, store and export that oil could take years to materialize.<\/p>\n Venezuela\u2019s vast reserves are highly concentrated in one part of the country. Tapping that supply would be technically feasible but likely very costly due to years of decay that the country\u2019s energy infrastructure has suffered due to an economy weakened by strict U.S. sanctions.<\/p>\n![\"Strikes](\"https:\/\/media-cldnry.s-nbcnews.com\/image\/upload\/t_fit-760w,f_auto,q_auto:best\/rockcms\/2026-01\/260103-venzuela-strikes-ch-1104-26b3bb.jpg\")