The United States will take temporary control of Venezuela’s oil industry as part of a broader plan outlined by President Donald Trump following the capture of Venezuelan President Nicolás Maduro.

Speaking at a press conference on Saturday, Trump said Washington would “run” Venezuela for an indefinite period to ensure what he described as a safe and orderly political transition, with a major focus on rebuilding the country’s oil sector, which holds the world’s largest proven crude reserves.

Under the plan, U.S. oil companies will be allowed to enter Venezuela, invest billions of dollars and repair what Trump called the country’s “badly broken” oil infrastructure. He said revenues from renewed oil production would be shared between the Venezuelan people and the United States, with Washington recouping the costs of its involvement from oil proceeds.

Trump said the U.S. has a legitimate claim to Venezuela’s oil, arguing that previous nationalisation of American oil assets by the Venezuelan government amounted to theft. He added that U.S. military forces are already on the ground and would maintain a presence linked to oil operations, warning that Washington is prepared to launch a larger military action if necessary.

Despite plans to revive production, Trump confirmed that the existing U.S. embargo on most Venezuelan oil exports remains in force and is being enforced by a U.S. military “armada”.

The announcement follows a series of tough measures imposed by the Trump administration in 2025, including secondary tariffs on countries importing Venezuelan oil and a total blockade of sanctioned oil tankers.

Trump said the ultimate goal is to stabilise Venezuela, restart oil output and ensure the country is, in his words, “run properly” during the transition period.