Trump says Venezuela's oil could boom, but history suggests hurdles

President Trump said US oil firms would rebuild Venezuela's oil industry; analysts note past nationalisation, long sanctions and political instability that make a rapid production rebound uncertain.

President Trump said on Sunday that US oil companies will enter Venezuela to rebuild its oil system, calling earlier nationalisation "the greatest theft in the history" of the US. Several major US oil companies have not publicly confirmed plans to invest, and analysts expressed scepticism about a large production increase within 18 months. The country previously saw foreign firms leave after government takeover of the sector and then-longstanding US sanctions. Comparisons with post-conflict oil recoveries in Iraq and the longer, uneven recovery in Libya are cited to show why an immediate rebound is not assured. What is known: - The president publicly said US oil companies will go into Venezuela to rebuild its oil industry and criticised past nationalisation as a theft. - Major US oil firms have been largely silent about plans to rush investment into Venezuela, and the article reports analysts are sceptical about a large production increase within 18 months. - Venezuela nationalised its oil industry under Hugo Chávez, which coincided with foreign companies leaving and a fall in production in the mid-2000s, and the US maintained sanctions on Venezuelan oil from 2005 until 2022. - The article notes Chevron was allowed to resume oil production in Venezuela after sanctions were eased in 2022 and is reported as the only US oil company operating there; past cases such as Iraq and Libya show post-conflict oil recoveries can take years and vary widely. Summary: The piece contrasts the president's claim that US firms will quickly rebuild Venezuela's oil output with historical examples and current analyst scepticism, emphasising that past nationalisation, sanctions and political volatility have complicated recoveries. Undetermined at this time.