Frank Rondel
U.S. Secretary of State Marco Rubio indicated on Sunday that Western oil companies are likely to show substantial interest in re-entering Venezuela, although he declined to confirm whether American military forces would play a role in securing the country’s oil infrastructure, reports Customreceipt with reference to ABC News. Speaking during an interview on ABC News’ “This Week” with anchor George Stephanopoulos, Rubio emphasized that the U.S. objective is not to control the Venezuelan oil fields but to ensure that oil under sanctions does not circulate until governance reforms are implemented across the industry.
Rubio noted that while he has not recently communicated with American oil firms, the White House anticipates “dramatic interest from Western companies” once opportunities to operate in Venezuela are available. He stressed that private companies would likely respond with high demand if permitted to resume operations. Presently, Chevron remains the only U.S. oil company authorized to operate in Venezuela under a special license.
Highlighting Venezuela’s status as the holder of the world’s largest known oil reserves, Rubio detailed the ongoing challenges within the nation’s oil sector. He stated that sanctioned vessels approaching Venezuelan ports would be intercepted, reinforcing that the U.S. quarantine on Venezuelan oil continues, a measure he described as significantly hampering the Maduro administration.
Rubio further characterized Venezuela’s oil operations as effectively “pirate ventures,” explaining that a small group of elites benefits from oil extraction while the nation’s industry functions at roughly 18% of its capacity due to outdated equipment. The resulting revenue primarily enriches a few insiders, leaving the general population without benefits from the country’s natural resources. He emphasized that over the past decade, these practices have maintained the Maduro regime, a situation the U.S. sanctions aim to address.
According to Rubio, the U.S. will maintain its sanctions until Venezuela’s oil production serves the interests of its citizens. He suggested that encouraging private international investment in Venezuela’s energy infrastructure—excluding entities from Iran or other non-allied nations—could restore the sector and ensure that revenues are directed toward national development.
Earlier we wrote that Trump’s capture of Maduro demonstrates unprecedented US power and global reach.