Former U.S. President Donald Trump announced Saturday that Washington plans to “strongly engage” in Venezuela’s oil sector following the operation that led to the arrest and removal of President Nicolás Maduro.
Speaking to Fox News, Trump emphasized, “We have the greatest oil companies in the world, the biggest and the best, and we will engage strongly in that sector.”
Chevron is the only U.S. company currently operating in Venezuela, continuing its work under licenses issued by the U.S. Treasury despite prior sanctions on the country’s oil industry. A Chevron spokesperson said Saturday that the company is “focused on the safety of our employees and assets in Venezuela, and is operating in compliance with relevant local laws.”
According to sources familiar with operations at the state-owned oil company PDVSA, Venezuela’s oil production and refining have continued normally, and no facilities were damaged during the U.S. operation to remove Maduro. However, the nearby port of La Guaira, one of Venezuela’s largest, sustained significant damage but is not used for oil exports.
Trump’s administration had imposed a blockade on Venezuelan oil tankers in December, seizing two shipments, and warned that U.S. forces would take action against vessels supporting Maduro’s regime.
The restrictions have caused many tanker owners to reroute away from Venezuelan waters, leading to rapid accumulation of crude and refined fuel in the country. PDVSA has had to slow port deliveries and store oil on ships to avoid cutting production.
Venezuela, a member of OPEC, saw its exports fall to roughly half of November’s levels, which were about 950,000 barrels per day. Current national oil production ranges between 800,000 and 900,000 barrels per day, far below its peak of over three million barrels per day.
Chevron traces its operations in Venezuela back to April 1923, originally as Gulf Oil Venezuela, beginning production near Lake Maracaibo and later expanding to the Orinoco Belt and other fields. After merging with Standard Oil of California in 1984, Chevron became the company’s current iteration.
Chevron now operates four oil fields and one offshore gas field in partnership with PDVSA and related entities, employing roughly 3,000 staff. Under its license, Chevron produces approximately 10% of Venezuela’s total oil output, an estimated 150,000 to 200,000 barrels per day, all exported to the United States.
Venezuelan crude is heavy and high in sulfur, requiring specialized refining. U.S. Gulf Coast refineries were historically built to process this type of oil into diesel, asphalt, and other industrial fuels rather than standard gasoline. Trump’s remarks signal that Washington sees Venezuela’s oil reserves, the largest in the world at an estimated 303 billion barrels, as a critical strategic asset in the global energy landscape.
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