Venezuela’s oil industry has flailed under government control – Mexico and Brazil have had more success with nationalizing

US oil companies have never stopped investing and operating in Venezuela’s petroleum industry, despite many changes in the terms of their engagement.

By: Skip York, Rice University, The Conversation

Outlets: The Conversation

Published: January 12, 2026

Words: 1,677

Last Updated: 2 months, 1 week ago

By Skip York, Rice University

U.S. President Donald Trump has ignited a contentious debate over who has the right to control Venezuela’s vast oil reserves.

Speaking on Jan. 3, 2026, after the U.S. military seized Venezuelan President Nicolás Maduro, the U.S. president declared, “We built Venezuela’s oil industry, and now we’re going to take it back.”

By Jan. 6, Trump was saying that Venezuela would provide the U.S. with up to 50 million …

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