Trump Considers Plan to Annex Venezuela's Oil Resources

Former U.S. President Donald Trump reportedly considered a plan to incorporate Venezuela's estimated $40 trillion in oil reserves as a permanent part of the United States.

At the time, the Trump administration managed Venezuela's oil sector following the detention of its president, a period that coincided with Venezuelan oil exports reaching their highest levels since 2018. President Donald Trump promised to restart Venezuela's oil industry after detaining former president Nicolas Maduro in January 2025. On March 31, 2025, he signed an executive order that would compel Venezuela to transfer millions of barrels of oil to the United States.

Major energy companies like ExxonMobil and Conoco were expelled from Venezuela about 20 years ago when former President Hugo Chavez nationalized the oil industry. Chevron is the only major U.S. oil company with investments in Venezuela. With Venezuela's recent economic reopening and the restoration of commercial relations with the United States, oil exports have surged to 1.23 million barrels per day, the highest level since 2018.