Donald Trump announced Tuesday that the United States has received over 80 million barrels of oil from Venezuela, referring to the country as “our new friend and partner,” as Washington attempts to solidify control over Venezuela’s substantial hydrocarbon reserves following the capture of President Nicolás Maduro.
The announcement, made during Trump’s State of the Union address, comes after the U.S. Took custody of Maduro on January 3rd, initiating a period of focused effort to manage the exploitation of Venezuela’s oil wealth. Currently, Venezuelan oil production is capped at approximately one million barrels per day, a level constrained by decades of underinvestment that has left the nation’s energy infrastructure in disrepair.
Venezuela possesses the world’s largest proven oil reserves, exceeding 303 billion barrels. Last month, the country reformed its hydrocarbon law, opening the sector to private investment. The Trump administration is actively seeking to encourage major American oil companies to rebuild the industry and rapidly increase production by several million barrels daily, with the understanding that the resulting profits will be shared between the two nations.
Chris Wright, Donald Trump’s Energy Minister, recently returned from a visit to Caracas in mid-February, where he pledged a “spectacular increase” in Venezuelan oil production. He indicated that relations between Washington and Caracas have significantly improved.
The move to increase Venezuelan oil production comes as the U.S. Continues to be a leading energy power, with significant oil production and exports of liquefied natural gas. Despite this focus on hydrocarbons, the U.S. Is likewise experiencing growth in renewable energy sources. The Energy Information Administration (EIA) recently reported that the U.S. Is projected to add 86 gigawatts of electricity production capacity to its grids in 2026, a potential record. Photovoltaic sources are expected to contribute 51% of this new capacity, followed by battery storage (28%), wind (14%), and gas (7%).