United States President Donald Trump has reignited debate over American foreign policy toward Venezuela, raising questions about the country’s oil reserves and past U.S. actions.
Speaking on Tuesday, December 2, in North Carolina, Trump criticized current U.S. oil dealings with Venezuela and suggested that before the end of his first term in office, the United States could have taken control of the South American nation’s oil.
“We’re buying oil from Venezuela? When I left, Venezuela was ready to collapse. We would have taken it over; we would have gotten all that oil, it would have been right next door. But now we’re buying oil from Venezuela, so we’re making a dictator very rich,” he said.
“Can you believe this? Nobody can believe it. You know where the oil…You know, their oil is garbage, it’s horrible, the worst you can get. Tar, it’s like tar, and to refine it, you need special plants.”
Venezuela calls on OPEC to counter threats from U.S.
Trump’s remarks come after Venezuelan President Nicolas Maduro called on the Organization of the Petroleum Exporting Countries (OPEC) to help counter what he describes as “growing and illegal threats” from the U.S. and Trump.
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In a letter to OPEC members published by state broadcaster TeleSUR, Maduro accused the U.S. of attempting to “seize” Venezuela’s oil reserves, which are the world’s largest.
“I hope to count on your best efforts to help stop this aggression, which is growing stronger and seriously threatens the balance of the international energy market, both for producing and consuming countries.”
He also “formally denounced” the “use of lethal military force against the country’s territory, people and institutions,” both to OPEC and the wider OPEC+ group.
Venezuela’s proven oil reserves are estimated at 303 billion barrels as of 2023, but the country exported just $4.05 billion worth of crude oil in 2023, significantly lower than other major oil-producing nations. U.S. sanctions imposed during Trump’s first presidency contributed to the decline in exports.
A founding member of OPEC since 1960 alongside Iran, Iraq, Kuwait, and Saudi Arabia, Venezuela has historically cooperated with other members to control oil supply and influence global prices.
Maduro has continued to call for peace while pledging “absolute loyalty” to his people, as tensions rise amid fears of potential U.S. military action.
At a rally in Caracas attended by thousands, the Venezuelan President addressed supporters outside the Miraflores Palace, emphasizing that Venezuela seeks peace, but only a peace “with sovereignty, equality and freedom,” adding “we do not want a slave’s peace, nor the peace of colonies!”
Maduro rejects a ‘slave’s peace’
The rally coincided with reports that Trump met with his national security team at the White House to discuss “next steps” regarding Venezuela.
The Trump administration has increased pressure on Caracas through a military buildup in the Caribbean, described by Washington as part of an anti-drug trafficking campaign. Venezuela, however, claims the actions are intended to topple Maduro’s government.
The United States has deployed 15,000 troops to the region, including the world’s largest aircraft carrier, and has labeled the Cartel de los Soles, which it accuses Maduro of leading, as a “terrorist” organization. Since September, U.S. forces have reportedly carried out at least 21 strikes on alleged drug trafficking vessels in the Caribbean and Pacific, resulting in at least 83 deaths.
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Maduro condemned the U.S. actions as a campaign of “psychological terrorism.” “We have endured 22 weeks of aggression. These 22 weeks have put us to the test, and the people of Venezuela have demonstrated their love for the homeland.”
Phone call with Trump
Trump confirmed that he spoke with Maduro on the phone, but did not provide details, saying the conversation did not go “well or badly.” According to Reuters, citing four sources familiar with the matter, Trump offered Maduro safe passage out of Venezuela during a call on November 21.
Maduro reportedly agreed to leave Venezuela on the condition that he and his family receive full legal amnesty, including the lifting of all U.S. sanctions and the dismissal of a high-profile case he faces before the International Criminal Court (ICC), Reuters reported, citing three sources.
He also requested sanctions relief for more than 100 Venezuelan officials accused by the U.S. of human rights abuses, drug trafficking, or corruption.
The U.S. President rejected most of these requests but told Maduro he had one week to leave Venezuela with his family for a destination of his choice. That offer expired on Friday, after which Trump declared Venezuelan airspace closed.
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