Overview
- President Trump said the U.S. will temporarily administer Venezuela, bring in major American oil companies to invest billions, and reimburse costs from future oil sales.
- A partial maritime blockade and an embargo on Venezuelan crude remain in force, with tracking firms reporting no tankers loading at the José oil port on Saturday.
- Chevron is the only U.S. major still operating under a waiver and exporting roughly 150,000 barrels per day, while other companies have not committed to return.
- Venezuela holds about 303 billion barrels of mostly heavy Orinoco crude but currently produces near 1 million barrels per day, with much of its exports routed to China.
- Analysts expect minimal short‑term price effects in an oversupplied market and say any output rebound would require legal clarity, sanctions relief, security guarantees, and tens to hundreds of billions of dollars over many years.