U.S. could control Venezuela and its oil for years – says President Trump

WASHINGTON – President Donald Trump said in a wide-ranging interview published Thursday that the United States could oversee Venezuela and control its oil revenue for years. He described plans to use Venezuelan oil, lower global prices, and provide money to Venezuela, which he said the country “desperately needs.”

President Trump said the length of U.S. oversight is uncertain, but when asked if it would be three months, six months, a year, or longer, he replied, “I would say much longer.” He added, “We will rebuild it in a very profitable way,” referring to Venezuela’s oil industry.

The remarks followed a U.S. operation on January 3 in which troops seized President Nicolás Maduro. Trump said the United States is “getting along very well” with interim President Delcy Rodriguez, a longtime Maduro loyalist who had served as vice president, and praised Secretary of State Marco Rubio, saying, “Marco speaks to her all the time… we are in constant communication with her and the administration.” He declined to explain why power was not given to Venezuela’s opposition, which Washington had previously considered the legitimate winner of the 2024 election.

President Trump also outlined a plan to refine and sell up to 50 million barrels of Venezuelan oil that had been blocked under previous U.S. sanctions. Several senior U.S. officials said controlling Venezuela’s oil sales and revenues indefinitely is necessary to restore the country’s oil industry and rebuild its economy.

The president is scheduled to meet with executives from ExxonMobil, ConocoPhillips, and Chevron on Friday at the White House to discuss increasing Venezuela’s oil production. U.S. Energy Secretary Chris Wright said the companies, which have experience in Venezuela, would act as advisers in rehabilitating the oil sector, though they would not invest billions immediately.

On regional relations, President Trump appeared to ease tensions with Colombia. The New York Times reported that a phone call with Colombian President Gustavo Petro, his first with the leader, lasted about an hour and “appeared to dissipate any immediate threat of U.S. military action.” Trump had previously threatened Colombia, calling Petro “a sick man who likes making cocaine and selling it to the United States.” In a social media post, Trump said he appreciated Petro’s “call and tone” and looked forward to meeting him soon.

Venezuela holds the world’s largest proven oil reserves but has faced decades of economic decline, driving eight million people to flee in one of the world’s largest migration crises. The U.S. and the Venezuelan opposition have long blamed the Socialist Party government for corruption, mismanagement, and brutality, while Maduro blamed U.S. sanctions for the country’s economic damage.

President Trump emphasised that the U.S. intends to “run” Venezuela without a military occupation, exerting influence to rebuild the economy and oil industry profitably.