President Donald Trump aims to control and revive Venezuela’s oil industry. Critics call it modern-day colonialism.
A nation with the world’s largest oil reserves, Venezuela is now at the centre of a high-stakes economic power play over energy supply – with global ramifications.
The United States says it will control the sales and revenue of Venezuelan oil “indefinitely”, days after it abducted the nation’s President Nicolas Maduro.
President Donald Trump wants US companies to invest billions of dollars to revive the nation’s oil sector.
Washington says that would benefit the people of Venezuela and the US.
Critics, though, have called the move modern-day colonialism and a direct grab for energy resources.
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Published On 9 Jan 2026