Overview
- The U.S. confirmed a military operation in Venezuela and said Nicolás Maduro is now in U.S. custody.
- President Trump said major U.S. oil companies will "spend billions" to repair and operate Venezuela's oil infrastructure and be "reimbursed," with an oil embargo still in force.
- Chevron said it will comply with relevant laws as ExxonMobil and ConocoPhillips offered no public commitment to invest.
- Energy analysts expect minimal short-term market disruption because Venezuela produces under 1 million barrels per day and the global market is oversupplied.
- Restoring output would take years and tens to over $100 billion, given extra-heavy Orinoco crude, deteriorated upgraders, past expropriations and unresolved arbitration claims.