U.S. President Donald Trump stated on Wednesday that Venezuela had stripped U.S. companies of their oil rights and declared his intention to reclaim them.
Escalating Tensions Over Oil Rights
“Remember, they took all of our energy rights. They took all of our oil not so long ago. We want it back. They took it illegally,” Trump told reporters from Andrews Air Force Base, outside of Washington. He reiterated, “We want it back. They took our oil rights, even though there’s a lot of oil there, as you know, they threw our companies out, and we want it back.”
These statements followed Trump’s announcement on Tuesday of a total blockade on vessels sanctioned by the U.S. government entering or leaving Venezuela, after asserting that Venezuela had “stolen” oil, land, and assets from the United States and should “return them.”
Venezuela’s government responded on Tuesday, stating that Trump “assumes that the oil, land and mineral wealth of Venezuela are his property” and accused him of “violating international law, free trade and freedom of navigation” through a “reckless threat.”
Trump has increased pressure on Venezuela, a nation heavily reliant on its oil industry, after confiscating a ship departing from the South American country last week and seizing the crude oil it carried.
Despite the tensions, U.S. company Chevron continues to operate in Venezuela in partnership with PDVSA, authorized by a license from the Treasury Department exempting it from sanctions on Venezuelan crude.
Until recently, the Trump administration stated its strategy toward Venezuela aimed to combat drug trafficking, accusing the Maduro government of leading the “Cartel of the Suns.” Caracas denies these accusations, repeatedly claiming Washington seeks regime change.
U.S. Armed Forces have destroyed approximately twenty vessels in the Caribbean and Pacific since September, allegedly carrying drugs, resulting in the deaths of at least 95 crew members. Trump has promised to launch attacks against drug trafficking “soon” within Venezuelan territory, while Maduro has urged citizens to join civilian militias to defend the country.
Frequently Asked Questions
What did President Trump claim Venezuela did?
President Trump stated that Venezuela stripped U.S. companies of their oil rights and that he intends to reclaim them. He also accused Venezuela of “stealing” oil, land, and assets from the United States.
How did Venezuela respond to Trump’s accusations?
The Venezuelan government responded by stating that Trump “assumes that the oil, land and mineral wealth of Venezuela are his property” and accused him of violating international law.
What action has the U.S. already taken against Venezuela?
The U.S. has imposed a total blockade on vessels sanctioned by the U.S. government entering or leaving Venezuela and confiscated a ship carrying crude oil that departed from the country last week.
As tensions continue to rise, what impact might these actions have on the broader geopolitical landscape and the global energy market?
