Trump Demands Return of Venezuelan Oil Assets, Orders Naval Blockade

By Staff, Agencies

US President Donald Trump has declared that Washington is moving to reclaim oil, land, and other assets from Venezuela, arguing that earlier US administrations allowed Caracas to take over American economic interests in the country.

Speaking to reporters on Wednesday, Trump claimed Venezuela seized “oil rights” and forced US companies out, prompting his decision to impose a naval blockade. “They took our oil rights. We had a lot of oil there,” he said. “They threw our companies out, and we want it back.”

Trump blamed what he described as weak leadership in previous administrations for allowing Venezuela to assume control over assets once held by American firms. “They took it away because we had a president that maybe wasn’t watching,” he said, adding that his administration would not allow the situation to continue.

Venezuela nationalized its oil industry in 1976, establishing the state-owned company PDVSA and ending direct foreign ownership of oil reserves, while still permitting international companies to operate under service contracts. In 2007, under President Hugo Chavez, the government took majority control of major oil projects. Several Western energy companies, including ExxonMobil and ConocoPhillips, left the country after rejecting the new terms and later pursued arbitration claims.

The dispute unfolds amid an expanded US military presence in the Caribbean. Since September, US forces have carried out maritime operations against alleged drug traffickers, resulting in more than 90 deaths, according to Washington. Trump has also threatened to extend these operations onto Venezuelan territory, accusing Caracas of harboring “narcoterrorists,” allegations the Venezuelan government has rejected.

On Tuesday, Trump announced what he described as “a total and complete blockade of all sanctioned oil tankers going into, and out of, Venezuela,” stating it would remain in place until the country returns “all of the oil, land, and other assets” he claims were taken from the United States.

Venezuela has condemned the blockade as illegal and a violation of international law, free trade, and freedom of navigation. Caracas has rejected Trump’s claims outright, insisting that its oil and mineral resources are sovereign property. “Venezuela will never again be a colony of an empire or any foreign power,” Vice President Delcy Rodríguez said.