US Backs Venezuelan Oil Revival After Maduro Capture

The United States is orchestrating a comprehensive revival of Venezuela's energy sector following the capture of President Nicolas Maduro by U.S. special forces on January 3, 2026. Under interim President Delcy Rodríguez, Venezuela has pivoted from nationalist policies to a market-friendly approach, including a February 1 hydrocarbons law allowing state oil firm PDVSA to enter direct contracts with private firms without joint ventures.

This shift has triggered a surge in foreign investment and production. April 2026 exports reached their highest level since 2018, rising 14% to 1.23 million barrels per day. The U.S. now receives approximately 50% of Venezuela's oil supply—up from previous years when China took 75%—helping insulate the U.S. from energy shocks caused by the closure of the Strait of Hormuz. Chevron Corp. currently transports 400,000 barrels daily to its refineries and plans to increase production by 50% over two years.

To further stabilize the region, President Donald Trump promoted a three-phase recovery plan, leading to new agreements with U.S. firms Hunt Overseas Oil Company and Crossover Energy to operate in the Orinoco Belt. European firms such as Eni and BP are also expanding operations. Despite this progress, Chevron CEO Mike Wirth cautioned that production cannot be restarted instantly due to engineering and labor shortages. Analysts estimate the industry requires between $100 billion and $183 billion in long-term investment to fully restore capacity.