U.S. President Donald Trump said on Saturday that the United States would welcome Chinese investment in Venezuela’s oil industry as the country seeks to revive its economy after political changes. Trump made the remarks aboard Air Force One while speaking with reporters.
Venezuela recently amended its oil laws to allow private and foreign investment in the sector, a move aimed at boosting production and revenues. Trump said China is welcome to make a “great deal” on oil and that Washington supports broader international involvement.
Trump also highlighted an energy cooperation agreement between Venezuela and India. He said India will begin buying Venezuelan oil instead of purchasing it from Iran, noting that a concept of this deal has already been agreed upon.
The U.S. president dismissed concerns about competition from China and said the United States and Venezuela would share oil profits. He added that relations with Venezuelan leadership are positive and that oil trade would benefit all parties involved.
In addition to oil, Trump said the United States could pursue a potential deal with Cuba, suggesting that dialogue may open doors following recent tensions over energy supplies.
Experts note that Venezuela holds the world’s largest proven oil reserves and the recent legal reforms can attract foreign capital. The changes reduce state control and tax barriers, creating new opportunities for global companies.
Trump’s comments come as the U.S. eases some sanctions on Venezuela’s oil sector, including issuing a general license to allow U.S. companies to engage with Venezuela’s state oil firm PDVSA. This shift follows reforms by Venezuelan lawmakers and aligns with U.S. goals to integrate Venezuela into global oil markets.
The U.S. move to welcome China and India into Venezuela’s oil space marks a significant shift in energy diplomacy. While China had been a key buyer under prior leadership, the new framework opens the field for broader international participation in one of the world’s most important oil markets.
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Trump’s statements reflect a strategic effort to reshape Venezuela’s energy ties and foster cooperation among major global players. Analysts say this could diversify Venezuela’s oil partnerships and encourage foreign investment under the new legal regime.
