%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment The administration of U.S. President Donald Trump says it plans to begin issuing licenses that will allow American companies to produce crude oil and natural gas in Venezuela. The operating licenses come after the U.S. attacked Venezuela in January and took control of its crude oil reserves, which are the biggest in the world. The Trump administration now wants to encourage U.S. oil output in Venezuela. The U.S. president has said he intends to control Venezuela's oil sales and revenues indefinitely and he wants U.S. oil firms to invest $100 billion U.S. to restore Venezuela's energy industry. Venezuela's oil sector has been state-controlled for two decades and fallen into disrepair after U.S. energy giants such as Exxon Mobil (NYSE: $XOM ) and ConocoPhillips (NYSE: $COP ) left the South American country. Chevron (NYSE: $CVX ) is currently the only U.S. oil company with operations in Venezuela. However, a sweeping reform approved in Venezuela last week is set to grant autonomy for foreign oil producers, while lowering taxes and encouraging new investments. Many U.S. oil companies are hesitant to return to Venezuela, saying they need to see strong legal frameworks and a stable political environment before investing in the country. Venezuela's current oil output of less than one million barrels per day is down sharply from a peak of about three million barrels per day. Last December, Venezuela only had two active drilling rigs in the country, and most drilling equipment needs major repairs, according to media reports. Chevron's stock has risen 15% so far in 2026 and is trading at $179.23 U.S. per share.