The United States is seeking ways to access Venezuela’s large oil reserves following recent U.S. military strikes. President Donald Trump stated that the U.S. aims to increase the flow of Venezuelan oil.
He said the country is going to get the oil flowing the way it should be. His comments drew new attention to Venezuela’s oil industry and its role in global energy markets.
Venezuela holds some of the world’s largest proven oil reserves. Most of these reserves are heavy crude, located in the Orinoco Belt region. The state-owned company Petróleos de Venezuela S.A. (PDVSA) manages most of the oil production and export operations. Oil has long been the central pillar of Venezuela’s economy. Government revenue and public spending have depended heavily on income from crude exports.
Production levels in Venezuela have fallen sharply over the past decade. Analysts link the decline to underinvestment, aging infrastructure, alleged mismanagement and the impact of international sanctions. Many facilities need maintenance and upgrades to operate at higher capacity. Several foreign companies have joint ventures with PDVSA. Their operations have also faced restrictions and uncertainty due to sanctions and political tensions.
The United States previously imposed sanctions on Venezuela’s oil sector. These measures targeted PDVSA and limited the country’s ability to sell crude to U.S. refiners. Some restrictions affected financial transactions and access to global markets. U.S. officials said the sanctions aimed to pressure the Venezuelan government over human rights and democratic concerns. Venezuelan authorities rejected the measures and called them economic aggression.
The recent U.S. military strikes raised questions about how Washington might try to reshape its relationship with Venezuela’s energy sector. The administration has not released detailed plans. Officials have not yet outlined specific steps for accessing Venezuelan oil or changing existing sanctions. There is ongoing discussion in policy circles about whether the U.S. will seek new agreements, ease some restrictions or pursue other forms of leverage.
Venezuelan oil remains attractive to some refiners due to its characteristics and established supply routes. Before sanctions, many U.S. Gulf Coast refineries processed heavy crude from Venezuela. Some of these facilities later turned to other suppliers. Shifts in supply chains affected both Venezuelan export volumes and refining operations in North America.
Global oil markets are watching developments in U.S.–Venezuela relations. Any change in Venezuelan export levels could influence international prices. Market participants often respond to signals about sanctions, new production, or potential disruptions. Traders and analysts monitor statements from Washington and Caracas for signs of policy change.
Inside Venezuela, the oil sector continues to face operational and financial challenges. Output figures remain far below past peaks. Many oil workers have left the country during the broader economic crisis. Power shortages and equipment failures have disrupted production in some fields. PDVSA has sought new investment and technical support. The company has also tried to expand sales to alternative markets.
