US President Donald Trump has said that American oil companies will go to Venezuela, in light of the South American country's recent efforts to boost foreign investment in its energy sector. Trump has since demanded “full access” to Venezuela’s oil. The major oil companies are going into Venezuela right now, looking at it and choosing their locations," Trump declared. Venezuela, which holds the world's largest proven oil reserves at about 303 billion barrels, nationalized the assets of US companies in the 2000s during the presidency of socialist Hugo Chavez. Washington responded by imposing crippling sanctions on Venezuela's oil industry.

Source: News 24 February 01, 2026 07:52 UTC