Trump focuses on Venezuelan oil as 'war on drugs' rationale recedes

At a press conference President Trump emphasised Venezuelan oil and said it had been "stolen"; legal experts say the US has no clear legal claim to Venezuela's reserves.

President Donald Trump centred a recent press conference on Venezuela's oil reserves, repeatedly saying the country had "stolen" oil and that it would be taken back. He made relatively little reference to the "war on drugs," which had been cited earlier to justify military action. Legal scholars and analysts cited in the reporting say international law and historical arrangements do not give the United States ownership of Venezuela's natural resources. The remarks reinforced a narrative voiced by Venezuelan officials that the campaign involves control over oil assets. What is known: - The president publicly framed Venezuela's oil as central to recent US actions and said the oil was taken from the United States. - Legal experts note that US companies held temporary concessions, not sovereign ownership, and that international law recognises states' permanent sovereignty over natural resources. - Venezuela's state oil company, PDVSA, remains a dominant actor and the country's production is well below past levels, with analysts saying substantial investment would be required to raise output. Summary: Trump's emphasis on oil shifted public rhetoric away from the previously stated "war on drugs" rationale and gave renewed prominence to claims about control of Venezuelan reserves. Experts and analysts say there is no clear legal basis for the US to claim Venezuela's oil under international law and past nationalisations led to arbitration and compensation disputes. Undetermined at this time.