Trump Claims US Oil Firms Can Revive Venezuela Production in 18 Months

Can Venezuela's crude flood the US market in just 18 months? President Donald Trump believes so, even as analysts warn the road back is paved with billions of dollars and years of decay. Following the removal of Nicolás Maduro, the Trump administration is moving fast to pivot the country's energy wealth toward American interests.

Ambitions for Trump Venezuela Oil Production Plan

Speaking to NBC News, President Trump outlined a vision where US petroleum companies lead the charge in restoring Venezuela's infrastructure. "Having a Venezuela that's an oil producer is good for the United States because it keeps the price of oil down," he added. CBS News reported that major energy executives are scheduled to meet with the administration later this week to discuss scaling up operations.

Currently, Chevron is the only major US firm still operating in the country. While Trump suggests that companies will be reimbursed through future revenues, firms like Exxon and ConocoPhillips remain cautious, waiting for guarantees of political and legal stability.

Economic Reality: A Decade-Long Recovery?

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Industry experts are less optimistic about the 18-month timeline. Analysts told the BBC that it could take tens of billions of dollars and potentially a decade to restore output to former glory. Although Venezuela holds an estimated 303 billion barrels—the world's largest proven reserve—its production has been in steady decline since the early 2000s due to mismanagement and lack of maintenance.

Furthermore, Venezuelan oil is notably heavy and difficult to refine, requiring specialized technology that has been neglected for years. Experts argue that without a stable government and massive sustained investment, a quick fix for the global supply remains unlikely.

The Controversy of 'Stolen' Property

The administration's justification for seizing control includes claims that Venezuela "stole" American oil property. Vice President JD Vance cited the 2007 nationalization of assets as a primary grievance. A World Bank tribunal previously ordered Venezuela to pay $8.7 billion to ConocoPhillips, a sum that remains unpaid. Resolving these legacy legal disputes will be essential before major capital flows back into the country.