Trump says Washington wants to reclaim oil, land, assets from Venezuela
Trump stated that Venezuela had taken “oil rights” and expelled American companies, prompting his decision to impose a naval blockade on the country. He criticized earlier US administrations for their inaction, saying, “They took it away because we had a president that maybe wasn’t watching. But they’re not going to do that. We want it back.”
Venezuela nationalized its oil industry in 1976 with the creation of state-owned PDVSA, ending direct foreign ownership while permitting international companies to operate under service contracts. Under Hugo Chavez in 2007, the government seized majority control of large oil projects, leading companies such as ExxonMobil and ConocoPhillips to exit the country and pursue arbitration claims.
The announcement comes amid an increased US military presence in the Caribbean. Since September, US forces have conducted operations targeting vessels allegedly linked to drug trafficking, killing more than 90 people. Trump has also warned of potential strikes on Venezuelan territory, accusing the government of harboring “narcoterrorists,” claims that Caracas has denied.
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