Secretary of State Marco Rubio mentioned Sunday that the Trump administration is “fairly sure” that Western oil corporations shall be keen to return to Venezuela — however would not say if U.S. troops could be used to secure oil fields within the nation.
“This isn’t about securing the oil fields,” Rubio advised ABC Information’ “This Week” anchor George Stephanopoulos. “That is about making certain that no sanctioned oil can come out and in till they make modifications to the governance of that complete business,” he mentioned.
Rubio famous that whereas he has not spoken to any American oil corporations in the previous few days, the White Home is anticipating “dramatic curiosity from Western corporations.”
“I feel there could be great demand and curiosity from personal business if given the area to do it, if given the chance to do it,” Rubio mentioned of corporations returning to operations in Venezuela. At the moment, just one U.S. firm — Chevron — operates inside Venezuela underneath a particular license.
The Guinea-flagged oil tanker MT Bandra, which is underneath sanctions, is partially seen alongside one other vessel at El Palito terminal, close to Puerto Cabello, Venezuela, on Dec. 29, 2025.
Juan Carlos Hernandez/Reuters
Venezuela has the biggest recognized oil reserves on the planet and exports a whole bunch of 1000’s of barrels of oil every day.
Rubio reiterated that regardless of the overthrow of Maduro, the U.S. was conserving in place its “quarantine” of sanctioned Venezuelan oil.
“In case you are a sanctioned boat and you’re headed in direction of Venezuela, you can be seized both on the best way in or on the best way out,” he mentioned, including that he believed the sanctions enforcement was “crippling” for the Maduro regime.
Rubio mentioned Venezuela’s oil business is “nonexistent within the conventional manner.”
“These oil fields principally are pirate operations,” he mentioned. “Individuals actually steal the oil from the bottom, a handful of — that’s how they maintain this regime collectively. A handful of cronies profit from this oil — particular oil wells. They’re producing at like 18 p.c capability as a result of the gear is all decrepit and so they principally pocket the cash to their profit. They promote the oil at a reduction on international markets, you understand, 40 cents on the greenback, 50 cents on the greenback.”
“These oil fields haven’t benefited the folks of Venezuela in over a decade. They’ve — however they’ve made multimillionaires, billionaires out of only a handful of individuals. And that’s what’s held this regime collectively. That’s what must be addressed,” he mentioned.
Rubio mentioned the administration will not change its sanctions coverage till Venezuela’s oil business advantages the Venezuelan folks.
“The way in which to handle it, to the good thing about the Venezuelan folks, is to get personal corporations — that aren’t from Iran or some place else — to go in” and spend money on the nation’s infrastructure.
“The individuals who do that stuff will know methods to do it,” he mentioned.
