During a meeting with oil executives, Trump asked Miller why Halliburton, the world’s largest oilfield services company, had left Venezuela after operating there for decades. Miller’s answer was blunt. The company exited in 2019 because US sanctions made it illegal to continue doing business. Halliburton, he said, had intended to stay, but the restrictions imposed by Washington left it with no choice.
The moment was striking because those sanctions were introduced during Trump’s first term, as part of a campaign to pressure the government of Nicolás Maduro by cutting off its main source of revenue. In January 2019, the United States imposed sweeping measures on Venezuela’s state oil company, PDVSA, effectively blocking most oil trade and forcing American firms and service providers to wind down their operations.
At the time, the goal was to isolate Maduro and accelerate political change. The result, however, was a deeper collapse of an industry that was already struggling from years of mismanagement and underinvestment. Production, which had once exceeded three million barrels a day, fell to a fraction of that level. With companies like Halliburton, Schlumberger and Baker Hughes gone or sharply scaled back, PDVSA lost access not only to capital but also to technical expertise needed to keep fields running.
Now, after the US military operation that led to Maduro’s removal and the installation of an interim government, Trump has made it clear that he wants American companies back in Venezuela and wants the country’s oil flowing again under a new arrangement. He has also said that the United States will play a central role in managing or marketing Venezuela’s oil, a stance that has raised legal and political questions both in Washington and abroad.
Industry executives say the damage done over the past decade will not be easy to reverse. Even if sanctions are lifted or rewritten, Venezuela’s fields, pipelines and refineries need massive investment and years of work to recover. The country also faces a shortage of skilled workers, many of whom left during the economic collapse.
The exchange with Miller underlines an awkward reality for the administration. The policies that drove US companies out of Venezuela were designed in Washington, and reversing their effects will require more than political will. It will take clear legal frameworks, security guarantees and a credible plan for rebuilding an industry that was once one of the world’s most important.
For now, the episode serves as a reminder that in Venezuela’s oil saga, today’s ambitions are inseparable from yesterday’s decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
