Maduro’s capture puts Venezuela’s vast oil reserves in the spotlight
Venezuelan oil, a key resource in the transition of power
Former U.S. Army Captain Doug Truax and former U.S. Navy Captain Brent Sadler join “Fox News Live” to discuss the attack on Venezuela and the capture of Nicolás Maduro, revealing details of the raid on Maduro’s compound and much more.
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Saturday, before dawn, the President Donald Trump announced the stunning capture of Venezuelan President Nicolás Maduro, a dramatic development for a country that, despite sitting atop the world’s largest oil reserves, has been hobbled by years of economic collapse and political turmoil.
Trump accused Venezuela’s socialist government of seizing U.S. energy assets and dismantling an industry built with U.S. investment.
“Venezuela unilaterally seized and sold American oil, American assets and American platforms, costing us billions and billions of dollars,” Trump said during a news conference at Mar-a-Lago in Palm Beach, Florida. “They took all our belongings.”
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Drivers pass the “El Palito” refinery at dusk during a walk around the outskirts of the refinery, December 18, 2025, in Puerto Cabello, Venezuela. (Jesus Vargas/Getty Images)
“We built Venezuela’s oil industry with American talent, drive and skills, and the socialist regime stole them from us,” he added. Trump added that U.S. energy companies would play a key role in rebuilding the Latin American country’s oil sector.
“We’re going to let our very large American oil companies step in, spend billions of dollars, repair the badly damaged oil infrastructure and start making money for the country,” he said.
About twice the size of California, Venezuela has the largest proven oil reserves in the world. At around 300 billion barrels, or about 20% of the world’s total and nearly four times America’s reserves, this endowment dwarfs that of any other country.
However, much of this oil is difficult and expensive to produce. Venezuela’s reserves are dominated by heavy and extra-heavy crude that requires specialized equipment, constant maintenance and advanced refining capacity, much of which has deteriorated after years of underinvestment and losses of skilled labor.
“WE BUILT VENEZUELA’S OIL INDUSTRY:” TRUMP PROMISES US ENERGY RETURN AFTER MADURO CAPTURE
Beyond technical challenges, Venezuela’s economic crisis and ongoing political instability have further limited its ability to convert these reserves into sustainable production. Similar dynamics have occurred in countries like Iran and Libya, where unrest and sanctions limit production despite vast resource endowments.
“Venezuela under Maduro and his predecessor destroyed Venezuela’s economy,” said Diana Furchtgott-Roth, director of the Center for Energy, Climate and Environment at the Heritage Foundation. She said the country’s communist system had emptied its industrial base.
“This is why Maduro depends almost entirely on oil. It is the only profitable source of income for him,” she added.
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Venezuelan President Nicolás Maduro speaks to supporters during a rally marking the anniversary of the 19th century Battle of Santa Ines in Caracas, Venezuela, December 10, 2025. (Pedro Rances Mattey/Anadolu via Getty Images))
Venezuela’s stocks, now larger than those of energy titans like Saudi Arabia, have become a focal point of the geopolitical struggle surrounding the country’s future.
Trump said his administration would continue to enforce its embargo on Venezuelan oil, maintaining pressure on the country’s main source of revenue.
The possibility of unlocking Venezuela’s oil wealth now depends not only on political change, but also on the ability to reverse years of underinvestment, infrastructure degradation and technical problems, a costly and complex task that would require billions of dollars and lasting stability.
