“We built Venezuela’s oil industry with American talent, drive and skill, and the socialist regime stole it from us during those previous administrations. Analysts can trace the origins of Trump’s claim – decisions by previous Venezuelan governments to nationalise production – but they argue that the US has no legal claim to Venezuela’s oil. After years of mismanagement and corruption under Chávez and Maduro, compounded by severe damage from US sanctions, Venezuela’s oil production also falls far short of its potential. During Trump’s first term, the US imposed sanctions banning imports of Venezuelan oil. Even during sanctions, Chevron never fully suspended its operations, maintaining them at sharply reduced levels.

Source: The Guardian January 04, 2026 16:15 UTC