Trump says Venezuela stole US oil, land and assets. Here’s the history

(Image: Getty)

Tue, 23 Dec 2025

By Tobi Raji, Leo Sands In 1976, the government of oil-rich Venezuela assumed control of the country’s petroleum industry, nationalising hundreds of private businesses and foreign-owned assets, including projects operated by the American giant ExxonMobil.In 2007, Hugo Chávez, the founder of Venezuela’s socialist state, assumed control of the last privately run oil operations in the Orinoco Belt, home to the country’s largest oil deposits.President Donald Trump said this week that the expropriation of American oil c...

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