Trump said the US may reimburse American oil companies if they expand operations in Venezuela, arguing that reviving the country’s oil industry could help lower global prices.
In an interview with NBC News, Trump said oil firms would need to spend heavily to repair Venezuela’s damaged infrastructure, but suggested the government could cover those costs through direct reimbursement or future revenue. He declined to estimate how much the effort might cost.
Despite holding some of the world’s largest oil reserves, Venezuela produces less than 1% of global supply because of sanctions, corruption, and deteriorating facilities. Trump said removing President Nicolás Maduro from power could unlock those reserves and reshape the global energy market, potentially weakening rivals like China and Russia.
He added that more Venezuelan oil would benefit the US by keeping fuel prices down, though cheaper oil could also reduce incentives for major American producers such as Exxon Mobil, Chevron, and ConocoPhillips. Trump said it was too early to say whether he had discussed the plan with those companies.
The comments come as oil markets face oversupply and falling prices, with crude dropping about 20% last year and OPEC+ limiting new production in early 2026.