Why US Firms Aren’t Racing into Venezuela, Even with Political Incentives

On January 3, 2026, the capture of Venezuelan President Nicolas Maduro by US forces marked a turning point in US-Venezuela relations and reopened questions about the future of Venezuela’s oil sector. In principle, improved political access and the easing of restrictions could be expected to stimulate renewed foreign investment in one of the world’s most resource-rich oil economies. Despite this apparent political incentive, investment by major US oil companies has remained limited.