December 12, 2025 — ZenX News Desk
Venezuela’s president Nicolás Maduro has claimed that growing pressure from the United States is driven by Washington’s interest in the country’s vast oil resources. The comments come amid a series of recent actions by the US, including the seizure of an oil tanker accused of transporting Venezuelan crude in violation of American sanctions.
The US military has also taken action against several Venezuelan vessels, which American authorities allege were involved in drug trafficking. Former US president Donald Trump has openly criticised Maduro, accusing his government of exporting crime and narcotics to the United States and calling for him to step aside.
This has fuelled speculation over whether Venezuela’s oil is the real target behind Washington’s tough stance.
Venezuela’s Oil Wealth vs Reality
On paper, Venezuela holds the world’s largest proven oil reserves, estimated at over 300 billion barrels. However, actual production tells a very different story. Output has fallen dramatically over the past two decades, largely due to mismanagement, lack of investment and the loss of skilled workers following increased state control of the national oil company, PDVSA.
US sanctions, first imposed in 2015 over alleged human rights abuses, have further limited Venezuela’s access to investment, equipment and international markets. As a result, the country now produces less than one million barrels per day — a fraction of its past output and under 1% of global consumption.
Energy analysts say ageing infrastructure is one of the biggest obstacles to recovery, making any rapid turnaround highly unlikely.
Is Oil Central to US Policy?
Some US politicians argue that Venezuela could present major opportunities for American oil companies if restrictions were lifted. They claim US firms could help repair pipelines, refineries and oilfields, potentially reviving the sector.
Trump’s long-standing support for expanding oil production has added to these claims. However, the White House has repeatedly said its primary concerns are drug trafficking and what it describes as Maduro’s lack of legitimacy as a leader.
Energy experts largely agree that oil is not the main driver of US policy. While American companies would clearly benefit from access to Venezuela’s heavy crude, analysts say there is little evidence that securing oil supplies is at the centre of Washington’s strategy.
Chevron, Sanctions and Strategic Interests
Currently, Chevron is the only US oil company operating in Venezuela under a special licence. It accounts for roughly one-fifth of the country’s oil production. Analysts say the company could gain significantly if sanctions were eased further.
US refiners, especially along the Gulf Coast, are also keen on Venezuela’s heavy crude, which is cheaper and better suited to their facilities. Even so, experts note that Venezuela’s low production levels mean any immediate impact on US fuel prices would be limited.
Long Road to Recovery
Reviving Venezuela’s oil industry would require massive investment, potentially running into tens of billions of dollars over many years. While modest improvements could increase production in the short term, a full recovery would take far longer.
There are also broader uncertainties, including global shifts away from fossil fuels and Venezuela’s membership in Opec, which could complicate expansion plans.
Analysts say that even if political conditions changed, private companies would only invest if long-term profitability was guaranteed.
So, Is It Worth It?
Experts remain divided on whether Venezuela’s oil is worth the effort. With global oil demand expected to slow in the coming decades, investors may think twice before committing huge sums to a sector facing structural decline.
For now, analysts suggest that while oil remains part of the equation, it is unlikely to be the primary reason behind US pressure on Venezuela.
Based on reports from international media