Companies like Exxon Mobil and ConocoPhillips say that Venezuela owes them billions of dollars for confiscating their assets two decades ago.

Venezuela's gold reserves have drastically dropped as a result of the government's misuse of the metal to secure loans, settle debts, and infuse foreign currency into its economy amid a severe economic crisis and U.S. sanctions, according to Reuters.

Secretary of State Marco Rubio on Sunday touted what he called a unique U.S. capability to refine Venezuela's abundance of crude oil, a linchpin of the Trump administration's takeover strategy for the country.

The Trump administration said it had an agreement with Venezuela’s government, but the country’s state-owned oil company said negotiations were underway.

Refiner Phillips 66 can run Venezuelan crude at two U.S. Gulf Coast refineries as production ramps up, Chief Financial Officer Kevin Mitchell said. Mitchell said its Lake Charles and Sweeny refineries in Texas have the capacity to process a couple of hundred thousand barrels per day of Venezuelan crudes.

Following are key facts about the oil and mining sectors of Venezuela, whose President Nicolas Maduro was captured by U.S. forces on Saturday.

The world is producing more oil than it needs, so 2026 prices are expected to be lower. The question is how low a barrel will get. “$50 to $60 range is what most are seeing. Now some are calling for prices to dip into the $40s,” said Garrett Golding with the Dallas Fed.

Despite holding the world’s largest proven oil reserves, Venezuela’s oil industry collapsed after expropriations, mismanagement, and the loss of foreign expertise left it unable to produce its technically demanding heavy crude at scale.

Forbes contributors publish independent expert analyses and insights. Robert Rapier is a chemical engineer covering the energy sector. This article is more than 2 years old. CRANE, TEXAS - MARCH 12: In an aerial view, an oil pumpjack works in the Permian ...

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Nigeria’s oil production rebounded strongly in 2025 under sector reforms and rising investment, but output still fell well short of the government’s ambitious targets.