By Adam Harvey and Lauren Darragh, ABC
A crude oil tanker is anchored on Lake Maracaibo near Maracaibo, Zulia state, Venezuela, in December. Photo: ALEJANDRO PAREDES / AFP
As part of his justification for the US operation to capture Venezuelan President Nicolás Maduro, Donald Trump claimed that Venezuela had "unilaterally seized and stole American oil, American assets and American platforms".
But is that claim from the US president true?
"I would say it's false, completely," says Francisco Rodríguez, a Venezuelan economist now based at the University of Denver.
He says that under Venezuelan law, the state has always owned its underground oil reserves.
"This is different in the Venezuelan legal regime from what it would be in Texas," Dr Rodríguez told ABC's 7.30.
"In Texas, if you buy a house and discover oil in that house, that house is yours. In Venezuela, if you buy a house and discover oil in that house, that oil belongs to the Venezuelan government."
In 1976, Venezuela nationalised foreign-owned oil operations. American companies Exxon, Mobil, Chevron and Gulf Oil lost about $US5 billion in assets and were later compensated around $US1 billion.
Then, in 2007, Venezuelan leader Hugo Chávez renegotiated oil production contracts with foreign companies.
Protestors take part in a demonstration against US military action in Venezuela in Lafayette Square in front of the White House in Washington, DC, on January 3, 2026. Photo: AFP/SUPPLIED
US oil companies had contracts to extract and sell Venezuelan oil, in exchange for royalty payments.
"Chávez said to the oil companies, 'look, we're going to propose another deal with you, where now you're gonna be part joint venture partners with the state-owned oil company," Dr Rodríguez explained.
"You're gonna be minority partners. Take it or leave it. Most companies took it."
US companies ExxonMobil and ConocoPhillips did not accept the deal and took Venezuela to arbitration.
Both companies were later awarded billions in compensation, which Venezuela began paying, but payments stopped after US sanctions prevented Venezuela from selling oil.
Dr Rodríguez then asked, "is that stealing?"
Venezuela's President Nicolas Maduro (L), and US President Donald Trump (R). Photo: JUAN BARRETO / AFP
Venezuela has oil reserves estimated at around 300 billion barrels.
They are the largest reserves of oil in the world and greater than Saudi Arabia's estimated reserve of 267 billion barrels - but the South American nation extracts about 900,000 barrels per day, compared to the Gulf state's daily production of 10 million barrels.
Trump, who claimed the US would "run" Venezuela after the exit of Maduro, said the nation's daily oil production rate would soon increase dramatically.
"We're going to have our very large United States oil companies, the biggest anywhere in the world, go in, spend billions of dollars, fix the badly broken infrastructure, the oil infrastructure, and start making money for the country," Trump said.
Speaking aboard Air Force One, Trump said US companies would have a major role in Venezuela.
"We need total access,we need access to oil and other things in the country that allow us to rebuild their country … roads that aren't built, bridges that are falling down - nobody can go anywhere."
Rubio, Cuba and what's next
While the removal of Maduro has been cheered by some, political analyst Larry Sabato said the US strike on Venezuela would come at a political cost to Trump in midterm elections later this year.
Venezuelans living in Monterrey react as they celebrate in Monterrey, Mexico. Photo: JULIO CESAR AGUILAR/AFP
"People are not happy about this. And it isn't just because of what Trump said about running Venezuela. It's also because we now know enough about Donald Trump and his family and his billionaire buddies to know that there are going to be all kinds of money-making deals for them," Dr Sabato told 7.30.
"They'll get a cut of everything.
"His MAGA base will support him regardless [but] I think there will be domestic consequences in November.
"The midterm elections were something that was the highest priority for Trump. And now I don't think they are because he's smart enough politically to know that he is very likely to lose the House of Representatives."
Roxanna Vigil, from the Council for Foreign Relations, says the US does not appear to be interested in helping Venezuela's opposition, which reportedly won elections in 2024.
"It is very concerning that the Trump administration is not putting the will of the Venezuela people first," Vigil told 7.30.
"Right now, what's being put first in the objection of post-Maduro Venezuela, is oil."
Trump has also not been immediately supportive of Venezuela's main opposition figure, María Corina Machado, who was awarded the Nobel Peace Prize in 2025.
"I think it would be very tough for her to be the leader if she doesn't have the support or the respect within the country," Vigil said.
A fire at Fuerte Tiuna, Venezuela's largest military complex, after a series of explosions in Caracas on 3 January, 2026. Photo: LUIS JAIMES / AFP
Dr Sabato says many learned observers anticipated Trump's actions against Maduro and that his motivation may have been very close to his Florida home.
"It wasn't a shock to people who pay attention," Dr Sabato said.
"The shock is that now apparently we are in charge of 30 million people in a country that is larger than California.
"Why did he do it?
"For one thing, Marco Rubio is secretary of state, and this has been Marco Rubio's cause for many years during his entire time in the Senate.
"Venezuelans are an important part of his base in Florida and helped him to win all of his Senate races there. He feels very strongly about it for lots of different reasons.
"[And] he thinks it's going to lead to a takeover by the United States in Cuba, which is where people need to be watching next."
- ABC
