Venezuela resumes commercial ties with US
Fox News correspondent Steve Harrigan reports live from Caracas, discussing Venezuela’s economic reopening and renewed commercial ties with the U.S. This includes a surge in oil exports, reaching a seven-year high of 1.23 million barrels per day. The move follows the U.S. capture of Nicolas Maduro, with American Airlines resuming direct flights to Miami. Experts weigh in on the political and economic implications for both countries.
NEWYou can now listen to Fox News articles!
President Donald Trump is eyeing oil-rich Venezuela as a potential 51st state as officials continue to court oil companies for investments in the South American country following the U.S. intervention that removed President Nicolas Maduro from power.
Trump said in a phone call with Fox News that he is motivated by the estimated $40 trillion value of oil in Venezuela, adding that he is popular with the country’s citizens.
“Venezuela loves Trump,” Trump said.
After U.S. military officials captured Maduro in January, whom the Justice Department indicted on narco-terrorism charges, Trump said the United States would “run” the country during its transitional period and work with Venezuelan Vice President Delcy Rodriguez.
US CAPTURE OF MADURO THROWS SPOTLIGHT ON VENEZUELA’S MASSIVE OIL RESERVES
President Donald Trump signs an executive order in the Oval Office of the White House in Washington, D.C., on March 31, 2025, announcing Venezuela will turn over millions of barrels of oil to the U.S. (Al Drago/Bloomberg)
In January, Trump pledged to have the U.S. oil industry “up and and running” again in Venezuela. Major energy companies like Exxon and Conoco were expelled from the country nearly 20 years ago when former President Hugo Chavez nationalized the oil industry, leaving Chevron as the only U.S. major oil company with investments in Venezuela.
For months, Cabinet officials and White House energy advisors have held meetings with top oil executives…
