‘Will be very strongly involved’: Trump signals major role in Venezuela’s oil industry after Maduro’s capture 

The United States is set to be “very strongly involved” in Venezuela’s oil industry following the dramatic US-led operation that resulted in the capture of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, President Donald Trump said on December 3. 

Speaking to Fox News, Trump underscored Washington’s intent to leverage American energy expertise in the oil-rich South American nation. “We have the greatest oil companies in the world, the biggest, the greatest, and we’re going to be very much involved in it,” he said. 

Trump also confirmed that Maduro and Flores were taken aboard a ship after their capture by US forces and are en route to New York, where they will face prosecution. A fresh indictment filed in federal court in New York now names Flores alongside Maduro and other co-accused. 

World’s largest oil reserves 

Venezuela holds the largest proven crude oil reserves in the world, a distinction that has shaped its economy, geopolitics and global standing for decades. According to international energy agencies and OPEC data, the country’s proven reserves are estimated at around 303 billion barrels, accounting for nearly one-fifth of global oil reserves. 

This places Venezuela ahead of traditional energy heavyweights such as Saudi Arabia, Iran, Canada and Iraq. On paper, the scale of this resource base makes Venezuela a pivotal player in global energy markets — even as its actual output remains far below potential. 

The Orinoco Belt: Vast wealth, heavy challenges 

The cornerstone of Venezuela’s oil wealth is the Orinoco Oil Belt, a massive geological formation stretching across eastern Venezuela. The region contains immense quantities of heavy and extra-heavy crude oil, unlike the lighter grades produced in much of the Middle East. 

While abundant, Orinoco crude requires upgrading, blending or specialised refining before it can be exported or consumed, significantly increasing production costs and technical complexity. Despite these hurdles, the Orinoco Belt is regarded as one of the largest hydrocarbon deposits ever discovered, cementing Venezuela’s status as the world’s most oil-rich nation in reserve terms. 

Oil has long been the backbone of Venezuela’s economy, accounting for the bulk of government revenue and foreign exchange for much of the 20th century. The state-owned oil giant PDVSA was once among the world’s most capable national oil companies, producing more than 3 million barrels per day at its peak. 

That legacy has eroded sharply. Years of underinvestment, mismanagement, infrastructure decay, loss of skilled workers and international sanctions have crippled output. Despite sitting atop unmatched reserves, Venezuela’s current production is estimated at well under one million barrels per day, a fraction of historical levels and modest by global standards. 

Legal case against Maduro 

US authorities have now expanded their legal case against Maduro, adding his wife, Cilia Flores, and others to a sweeping indictment. The filing alleges that for over 25 years, Venezuelan leaders abused state institutions to traffic large quantities of cocaine into the United States. 

The indictment states that Maduro “partnered with his co-conspirators to use his illegally obtained authority and the institutions he corroded to transport thousands of tons of cocaine to the United States.”