Trump Says US to Begin Drilling for Oil in Venezuela Soon

The president said 50 million barrels are already in or en route to the United States.

The refinery El Palito in Puerto Cabello, Carabobo state, Venezuela on Jan. 22, 2026. Ronaldo Schemidt/AFP via Getty Images

President Donald Trump said Thursday that the United States will start drilling for oil in Venezuela “very soon,” announcing that more than 50 million barrels are already moving to America as part of a deal following the ouster of former leader Nicolás Maduro.

Speaking to reporters aboard Air Force One en route to Joint Base Andrews, Trump indicated U.S. companies would soon ramp up operations in the South American nation, which boasts the world’s largest proven oil reserves but has seen production plummet under socialist rule.

“We are going to start drilling very soon. We have the biggest companies in the world, and they are going to go in. They are all negotiating now,” he said.

Trump said that Venezuela will make a lot of money from the oil production, as would the United States.

The president told the reporters that the United States is already taking in Venezuelan oil.

“We’re moving in, you know, to the United States, millions of barrels of oil as we speak,” he said.

“Over 50 million barrels of oil is already moved or moving into the United States and much more to come.

“And we’re working with them ... and it'll be divided up, and our country will become richer, and that means our taxes are going to be going down, and they will do better. Venezuela is going to do better than they’ve ever done.”

Trump expressed optimism about interim Venezuelan leader Delcy Rodríguez, whom he described as showing “very strong leadership.”

“So if that continues even with us, you know, taking a very fair piece of it, Venezuela will do better by far than they’ve ever done, going to be very rich, and she has done a very good job,” he said, referring to Rodriguez.

The announcement aligns with recent reports of U.S. energy firms eyeing a return to Venezuela after Maduro’s capture.

Trump hosted executives from 17 major energy companies at the White House on Jan. 9, where he said U.S. companies would invest at least $100 billion to rebuild the country’s dilapidated oil infrastructure. That could boost global supplies and lower prices for American consumers, the president said.

ExxonMobil CEO Darren Woods said during the meeting that the company is considering reentering Venezuela but requires security guarantees.

Meanwhile, Chevron Vice Chairman Mark Nelson said the company intends to increase production by 50 percent over the next 18 to 24 months.

Trump predicted operations could resume in under 18 months, primarily employing Venezuelan workers under U.S. protection.

Energy Secretary Chris Wright said in a Jan. 8 interview with Fox Business that while there might be “room for China” in Venezuelan oil, the United States must remain in charge.

“I think you will probably see some long-term involvement of China in Venezuela,” he said. “As long as America is the dominant force there, the rule of law is there, the United States controls oil flow, that will be fine.”

“Can there be commerce with China? Sure. Are we going to allow Venezuela to become a client state of China? Absolutely not. Not under President Trump.”

The Venezuela oil push fits Trump’s first-year energy agenda, which includes opening 1 billion acres of federal lands for drilling and direct investments in mining and nuclear projects.

If realized, the initiative could add millions of barrels daily to global markets, easing prices amid geopolitical strains. Venezuela’s production, once more than 3 million barrels per day, fell below 1 million barrels per day under Maduro.