US Oil Giants Eye Venezuela: Trump's Plan to Revitalize Production

• Donald Trump plans to put US in control of Venezuelan oil sales, encouraging American firms to invest in the industry.
• US oversight of Venezuela's oil could last for years, with interim leaders agreeing to US-managed marketing of 30-50 million barrels of crude.
• Chevron is the only US company currently operating in Venezuela, exempt from sanctions and importing over 120,000 barrels per day.
• ExxonMobil and ConocoPhillips had assets seized in 2007 and are still awaiting billions in compensation from Venezuela.
• Revitalizing Venezuela's oil production, hampered by years of underinvestment and sanctions, is expected to take years.

Why It Matters: Trump's plan aims to revive Venezuela's oil industry with US firm investment, despite past nationalizations and sanctions.