The US and Venezuela: a century-old relationship drenched in oil
Summary
The United States and Venezuela have had a close relationship centered on oil for over a century. Despite political changes and conflicts, Venezuela’s large oil reserves remain important to the US, which recently took majority control over part of those reserves to secure energy supplies.Key Facts
- A 1950 US memo stated that American policies towards Venezuela depended on securing enough oil.
- Venezuela holds the world’s largest known oil reserves.
- The US and Venezuela cooperated for decades, with US oil companies heavily involved.
- Relations declined sharply after Hugo Chávez became president in 1999 and allied Venezuela with countries like China, Iran, and Russia.
- Chávez nationalized oilfields, reducing US companies’ control; Chevron remained while ExxonMobil and ConocoPhillips left after refusing new terms.
- Foreign companies from Russia, China, Europe, and Cuba still operate in Venezuela’s oil sector.
- Nicolás Maduro succeeded Chávez and continued anti-US policies amid accusations of dictatorship and human rights abuses.
- In 2026, the US took majority control of about 20% of Venezuela’s oil reserves, calling it a move to secure energy dominance.
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