Overview
- U.S. forces captured Nicolás Maduro, and President Trump said Washington will control Venezuela until an orderly transition while urging major American oil companies to invest billions.
- Venezuela holds roughly 300 billion barrels of reserves, about 17% of the global total, yet current output is near 1.0–1.1 million barrels a day after decades of mismanagement and sanctions.
- Chevron is the only U.S. major still operating in the country and says it is focused on safety and legal compliance, while ExxonMobil and ConocoPhillips retain multi‑billion‑dollar arbitration claims against Venezuela.
- Industry assessments say restoring production will require tens of billions of dollars—potentially up to $100 billion—and many years, dependent on security, the rule of law, enforceable contracts and sanctions relief.
- Much of Venezuela’s crude now goes to China, whose government condemned the U.S. operation, and analysts expect limited near‑term market effects even as U.S. Gulf Coast refineries could benefit from heavier grades over time.