Major U.S. companies in the energy sector are expected to benefit after President Trump announced plans to take control of Venezuela's oil industry, saying that American companies would help revitalize it following the capture of President Nicolás Maduro. While the U.S. action is unlikely to have an immediate effect on crude prices given the current glut in the market, it could upend energy markets and have an impact on the geopolitical landscape. The shale oil revolution made the U.S. the world's largest crude producer. Recent massive oil finds off the coast of Guyana are largely controlled by ExxonMobil and Chevron. U.S. control of the Venezuelan energy industry, which sits on the world's largest oil reserves, could "reshape the balance of power in international energy markets," analysts with JP Morgan wrote Monday.

Source: Los Angeles Times January 10, 2026 12:59 UTC