President Donald Trump speaks as Secretary of State Marco Rubio and Secretary of War Pete Hegseth look on during a press conference following a U.S. strike on Venezuela, from Mar-a-Lago in Palm Beach, Florida, Jan. 3, 2026. (Jonathan Ernst/File Photo/Reuters)
The president told The New York Times on Wednesday that he anticipated the U.S. would be running Venezuela and extracting oil from its reserves for years following the historic operation that ended with the arrest of Maduro. The deposition of Maduro sparked conversations about control over Venezuela's oil. Venezuela holds more than 300 billion barrels of proven oil reserves, nearly quadruple those of the U.S.
Trump announced on Tuesday that Venezuela would be turning over between 30 million and 50 million barrels of "high-quality," sanctioned oil to the U.S. He said the oil will be sold at market price, and he will control the proceeds to ensure it is "used to benefit the people of Venezuela and the United States!" The president also added that the oil would be transported directly to unloading docks in the U.S. via storage ships.
Venezuelan President Nicolás Maduro greets his supporters during a rally in Caracas on Dec. 1, 2025. (Pedro Mattey/Anadolu via Getty Images)
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Notably, Trump did not give a timeline for when Venezuela would hold elections.
The Times pointed out that from the late 1950s until Hugo Chavez took power in 1999, Venezuela had a history of democratic elections. After Chavez died in 2013, Maduro took his place and eventually won the subsequent election. He ruled Venezuela until he was deposed on Jan. 3, 2026.
Rachel Wolf is a breaking news writer for Fox News Digital and FOX Business.
https://www.foxnews.com/politics/us-may-involved-venezuela-years-trump-says