14:08The oil tanker MT Bandra, flagged by Guinea and currently under sanctions, is partially visible alongside another ship at El Palito terminal, located near Puerto Cabello, Venezuela, on December 29, 2025.Juan Carlos Hernandez/Reuters
Secretary of State Marco Rubio stated on Sunday that the Trump administration is "fairly confident" that Western oil firms will be inclined to return to Venezuela — though he did not specify whether U.S. military forces would be involved in securing the oil fields in the nation.
"This is not about securing the oil fields," Rubio conveyed to ABC News' "This Week" host George Stephanopoulos. "This is about ensuring that no sanctioned oil can enter or exit until they implement changes to the governance of that entire sector," he remarked.
Rubio mentioned that although he hasn’t communicated with any American oil companies recently, the White House is expecting "a significant interest from Western firms."
"I believe there would be substantial demand and interest from the private sector if given the opportunity to proceed," Rubio stated regarding companies resuming their operations in Venezuela. Presently, only one U.S. company — Chevron — is active in Venezuela under a special license.
The oil tanker MT Bandra, flagged by Guinea and currently under sanctions, is partially visible alongside another ship at El Palito terminal, located near Puerto Cabello, Venezuela, on December 29, 2025.Juan Carlos Hernandez/Reuters
Venezuela possesses the largest known oil reserves globally and exports hundreds of thousands of barrels daily.
Rubio reiterated that notwithstanding the ousting of Maduro, the U.S. continues to maintain its "quarantine" on sanctioned Venezuelan oil.
"If you are a sanctioned vessel heading towards Venezuela, you will be intercepted either upon entry or exit," he asserted, adding that he believed the enforcement of sanctions was "devastating" for the Maduro administration.
Rubio described Venezuela’s oil industry as "nonexistent in the conventional sense."
"These oil fields are essentially pirate operations," he explained. "Individuals literally extract oil from the ground illegally; a small group of — that’s how they sustain this regime. A few cronies profit off this oil — particular oil wells. Their production is at about 18 percent capacity due to outdated equipment, and they essentially pocket the profits for themselves. They sell the oil at a discount on global markets, around 40 cents or 50 cents on the dollar."
"These oil fields have not benefited the people of Venezuela in over ten years. However, they have created multimillionaires and billionaires among a select few. That’s what has kept this regime intact. That’s what must be addressed," he remarked.
Rubio stated that the administration would not alter its sanctions policy until Venezuela’s oil industry serves the interests of the Venezuelan populace.
"The solution, for the benefit of the Venezuelan people, is to invite private companies — those not from Iran or elsewhere — to come in" and invest in the nation’s infrastructure.
"Those who engage in this work will know how to execute it properly," he stated.
Sourse: abcnews.go.com