Trump predicts US control of Venezuela's oil will extend for years: 'Only time will tell'
WASHINGTON, DC: President Donald Trump indicated that the United States could oversee Venezuela and control its oil revenues for years following the arrest of ousted Venezuelan leader Nicolás Maduro earlier this month.
Trump said that US involvement would likely extend well beyond a year, as Washington moved to rebuild the country’s oil industry and manage its revenues.
His comments came amid growing scrutiny from lawmakers over the scope of US military action and shifting diplomatic signals in the region.
Trump vows profitable rebuild of Venezuela’s oil industry
Trump said that it remained unclear how long the United States would directly oversee Venezuela, but suggested the timeline would exceed initial expectations.
“Only time will tell,” Trump told The New York Times. When asked whether US control would last three months, six months, a year, or longer, he added, “I would say much longer.”
The remarks followed a military operation on January 3 in which American forces arrested Maduro in a nighttime raid in Caracas. Trump later said that the United States intended to “run” Venezuela until a “safe, proper and judicious transition” could take place, without providing a timeline for elections.
“We will rebuild it in a very profitable way,” Trump said. “We’re going to be using oil, and we’re going to be taking oil. We’re getting oil prices down, and we’re going to be giving money to Venezuela, which they desperately need.”
Trump confirmed that the government will take control of Venezuelan oil production and revenues, with proceeds managed by Washington.
Earlier this week, he announced plans to refine and sell between 30 million and 50 million barrels of sanctioned Venezuelan oil that had been blocked under US restrictions.
Energy Secretary Chris Wright reaffirmed that the US would “indefinitely” control oil sales, allowing crude to flow to refineries and global markets while revenues were handled by the government.
Trump said oil companies would invest heavily in rebuilding Venezuela’s energy sector. “A tremendous amount of money will have to be spent, and the oil companies will spend it, and then they’ll get reimbursed by us or through revenue,” he said, adding that production could be operational within 18 months.
Trump also confirmed ongoing communication with Venezuela’s interim government, led by Delcy Rodríguez, Maduro’s former vice president.
“They’re giving us everything that we feel is necessary,” Trump said. Asked whether he had personally spoken to Rodríguez, he responded, “Marco speaks to her all the time,” referring to Secretary of State Marco Rubio. “I will tell you that we are in constant communication with her and the administration.”
Lawmakers question US military authority
Meanwhile, Trump’s use of military force in Venezuela has raised concerns among some Republicans, given his long-standing criticism of interventions abroad.
The Senate is expected to consider a resolution aimed at limiting further military action without congressional authorization.
Senator Rand Paul of Kentucky, a co-sponsor of the resolution, said that additional Republican senators are now reconsidering their positions. “I’ve spoken to at least two more who are thinking about it,” Paul said.
Trump is scheduled to meet with executives from Exxon Mobil, Chevron and ConocoPhillips at the White House to discuss boosting Venezuelan oil production.
Analysts have cautioned that reviving the industry will require significant investment and time, even as the administration moves forward with its plan to oversee the country’s oil and political transition.
