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In a bold statement on Monday, President Donald Trump indicated that the United States is “probably” going to cease purchasing oil from Venezuela. Speaking from the Oval Office shortly after being sworn in for a second term, Trump asserted, “We don’t have to buy their oil, we have plenty of oil.”
Trump’s comments reflect a shift in US policy, as he is expected to adopt a tougher stance toward the Venezuelan government under President Nicolás Maduro, contrasting with the approach of his predecessor, former President Joe Biden. Industry analysts project that Venezuela’s oil production could rise to 1 million barrels per day by 2025, though growth may plateau in the following year.